Maine heating oil cost declines over 2 weeks

AUGUSTA – Maine energy officials say the average cash price for No. 2 heating oil is $3.74 a gallon, 8 cents less than it was when the last survey was taken. Two weeks ago, average prices were $3.82 a gallon.

The director of the Governor’s Office of Energy Independence and Security, John Kerry, said the tumult in the financial markets has added volatility in the oil market. Kerry says expectations of a slowing economy have driven prices down.

But Kerry said consumers also could take a lot of credit for the recent drop in oil prices because they have cut back on driving. He said Americans drove 12.2 billion fewer miles through June 2008 compared with the same period in 2007.

In the state’s latest heating oil survey, the lowest price was $3.30 a gallon and the highest was $4.