Current Heating Fuel Prices

The Governor's Energy Office (GEO) conducts a weekly survey of heating fuel prices during the heating season from the beginning of October to the end of March. During the rest of the year, the GEO releases a bi-weekly update.

Please Note: The price for the various heating fuels are statewide averages, and prices in a given geographic region of the state may be considerably higher or lower than this average. Also, the statewide average price for propane, like heating oil, is a spot price, not a pre-buy price. The spot price for propane is based on a use of at least 900 gallons a year. Households using propane just for cooking or hot water generally pay a higher per gallon price. The table listed in our weekly price survey provides current Maine cash prices in dollars rounded to the nearest penny.

The Energy Office has a calculator on its web site that allows consumers to obtain more detailed estimates of home heating costs, and the price impacts of various types of fuel, heating systems and heating appliances. Heating costs vary considerably from home to home. The home heating calculator can assist homeowners in finding the best heating option for their home, location, lifestyle, and budget. Home Heating Calculator

Oil Drops Significantly; Heating Oil Prices Continue their Downward Slide

October 30, 2014

Augusta, Maine – The Governor’s Energy Office (GEO) conducted its weekly heating fuel price survey on Monday, October 27, 2014, and found the current statewide average cash price for No. 2 heating oil was $3.16 per gallon, dropping another 8 cents this week. The average statewide price for kerosene, $3.73 per gallon, is 6 cents a gallon less than last week. Propane prices continue to remain steady; the statewide average price dropped a penny to $2.83 per gallon (for heating customers). Prices for heating oil have dropped 34 cents since July, bucking a historical upward trend during that seasonal period. A year ago, in late October, heating oil averaged $3.53 per gallon; kerosene, $3.94, and propane, $2.67.

The Organization of Oil Exporting Countries (OPEC) used to dominate the world oil market, being responsible for most of the world’s oil production. While they continue to contribute significant amounts of oil, the U.S. has mitigated their control over pricing by the production of oil from shale formations. OPEC’s production now accounts for 40% of the world’s production, and a declining market share means less control over pricing. However, thus far OPEC has resisted cutting production, which means prices worldwide continue to fall http://www.bloomberg.com/news/2014-10-28/wti-oil-futures-fall-as-supplies-seen-rising-brent-slips.html What is good news for Maine households, though, could potentially reduce investment in the production of oil from high cost regions. Apparently, the U.S. isn’t in this position yet, however http://www.bloomberg.com/news/2014-10-28/crude-at-80-a-barrel-no-sweat-say-oil-producer-ceos.html Crude oil benchmark prices West Texas Intermediate (WTI) and Brent, are currently selling for between $80 and $85/barrel http://www.eia.gov/todayinenergy/detail.cfm?id=18571&src=email . So, what is good news for Mainers is not yet a significant problem for U.S. oil producers.

Using this week’s average heating oil price ($3.16), and converting to a common heating unit value (million Btu), the price of fuel oil is $22.78. This compares with an equivalent heating unit value for natural gas of $15.23 (at $1.52/therm); propane, $30.99 (at $2.83/gallon); kerosene $27.63 (at $3.73/gallon); wood pellets, $15.21(at $251/ton); cord wood, $11.36 (at $250/cord) and electricity, $46.89 (at 16 cents per kwh).

These fuel-only prices do not take into account the type of heating system, nor its efficiency. For example, the electricity cost is for traditional baseboard heat. Other electric heating technologies, such as heat pumps and electric thermal storage (ETS), may offer consumers energy savings. Cold climate heat pumps, a recent technological advancement, are much more efficient than baseboard electric heat, so total energy costs are lower than many other types of heating fuels. ETS offers savings by utilizing off-peak electric rates, available in many areas of the state.

The Energy Office has a calculator on its web site that allows consumers to obtain more detailed estimates of home heating costs, and the price impacts of various types of fuel, heating systems and heating appliances. Heating costs vary considerably from home to home. The home heating calculator can assist homeowners in finding the best heating option for their home, location, lifestyle, and budget http://www.maine.gov/energy/index.html

As of October 27, 2014


Heating Oil

Statewide

Southwest

Central

Eastern

Western

Northern

Average

3.16

3.11

3.22

3.17

3.09

3.24

High

3.50

3.50

3.49

3.35

3.35

3.30

Low

2.79

2.80

3.00

2.80

2.79

3.16

Kerosene

3.73

3.79

3.74

3.74

3.69

3.66

Propane

2.83

2.88

2.76

2.76

2.99

2.72

It is important to note that the price for heating oil is a statewide average, and that prices in a given geographic region of the state may be considerably higher or lower than this average. This week, within the Energy Office sample, the highest heating oil price ($3.50) was found in one region in the state, and the lowest heating oil price ($2.79) was also recorded in one region. Also, the statewide average price for propane is based on a use of at least 900 gallons a year. Households using propane just for cooking or hot water generally pay a higher per gallon price. The table above provides current Maine cash prices in dollars rounded to the nearest penny.

Download Release (PDF)

For Immediate Release

Contact:
Lisa Smith
(207) 624-7445
lisa.j.smith@maine.gov

View archived Heating Oil Prices