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Maine Heating Oil Prices Continue to Fall
05/08/2013 04:04 PM ET  

State officials say warmer weather and increased domestic production are driving down prices for heating fuel.

Heating oil prices in Maine continue to fall. The Governor's Energy Office says its weekly survey pegs the current statewide average cash price for No. 2 heating oil at $3.44 per gallon, 40 cents lower than the season's peak price, recorded in mid-February.

Kerosene prices are also lower by about the same amount, falling to an average of $3.91 a gallon. Since mid-February, propane prices - based on an annual use of at 900 gallons - have also fallen, by about 4 cents a gallon to $2.73.

State officials say the warmer weather has reduced demand for heating fuel, and more crude oil is being produced domestically due to hydraulic fracturing practices, driving up stockpiles to their highest level in 82 years.

In Maine, prices for No. 2 heating oil ranged from a high of $3.60 a gallon to a low of $3.18.



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