Oil prices drop another 3 cents

AUGUSTA – The Office of Energy Independence and Security survey of home heating oil prices Monday found the current statewide average cash price for No. 2 heating oil to be $2.20 per gallon, a decrease of 3 cents since last week. This is 23 cents lower than last year at this time.

Within the OEIS sample, the lowest actual heating oil price of $2 per gallon was found in the southwestern region while the high-end price of $2.37 per gallon was found in the central region. As of Oct. 20, New England heating oil inventories stood at 10,970 million barrels, or 209 million barrels less than last year at this time.

According to the DOE/EIA publication This Week in Petroleum, last week’s sharp decline in heating oil inventories may be due to refinery maintenance and low refinery margins and indicates a tightening of the supply and demand balance in the United States.