Survey finds modest drop in fuel prices

AUGUSTA – The Office of Energy Independence and Security’s latest survey of home heating oil prices found the statewide average cash price for No. 2 heating oil down $0.04 since the previous week, at $2.31 per gallon, but still $0.40 higher than this time last year. The latest survey results were as of Feb. 21.

Within the state’s sample, the lowest actual heating oil price – $2.14 per gallon – was found in the southwest part of the state, while the highest price, $2.47, was found in the eastern region. The northern region had the sharpest drop in its price average, from $2.36 to $2.28 per gallon.

New England heating oil inventories, as of Feb. 10, stood at 9,172 barrels, more than twice as much as last year’s inventory at this time.

The statewide kerosene price average is down $0.05 since the previous week, at $2.69 per gallon, and $0.50 higher than last year at this time. The eastern region had the highest price average for kerosene, $2.75 per gallon.

At $2.23 per gallon, the latest statewide average propane price was down 1 cent from the previous week, according to the survey.

This is $0.24 higher than last year at this time. This average price for propane represents the price per gallon for a 600-800 gallon domestic heating application.

U.S. inventories of propane fell by 3.8 million barrels to an estimated 43.5 million barrels as of Feb. 10. East Coast propane inventories stand unchanged at 0.7 million barrels.

Visit Maine’s energy information site at www.maineenergyinfo.com for information on residential conservation measures, expected costs and paybacks.