Heating oil prices in Maine edged down last week. According to the state's Office of Energy Independence and Security's weekly survey, the statewide average cash price for No. 2 heating oil now stands at $2.36 a gallon, down a penny from last week.
OEIS Director John Kerry says market conditions are driving oil prices down, but he says those trends are being countered by speculation fueled by the improving economy and investment cuts in production. He reiterates warnings that Mainers should prepare for the heating season by weatherizing their homes and preparing a budget.
Despite the average price, Mainers will find a lot of variation when they purchase oil, Kerry says. Prices currently range from a low of $2.05 a gallon in southwestern Maine to a high of $2.65 a gallon in eastern areas of the state. Kerosene is currently selling for a average statewide price of $2.77 a gallon.