Home heating fuel prices soar in Maine
With low temperatures today ranging from -9 degrees Fahrenheit in Houlton to 10 degrees Fahrenheit in Bar Harbor, this week’s heating fuel price survey conveys some unwelcome news: The cost of a gallon of home heating oil jumped 7 cents in the past week to an average of $3.87.
The Governor’s Energy Office in its weekly survey reported Monday that the average statewide price for kerosene is also up 7 cents, to $4.27 per gallon. This week’s average statewide price for propane (for heating customers) increased by 10 cents, to $3.35 per gallon.
Heating fuel prices are higher this week than they were at any time last year, the office reported.
In its report, the office noted that since the heating season began in October, temperatures have been 9% colder than the 3% colder forecasted by the federal Energy Information Administration. That trend is mirrored in heating prices, with the office reporting that heating oil prices are up 4%, propane prices are up 23% and kerosene prices have increased 3% from last year.
Changes in propane transportation routes have affected prices in the Northeast and the Midwest, and heating oil prices have increased nationally, with stocks at a five-year low for this week.
Looking ahead, the office reported that propane stocks are currently the highest they have been all heating season in New England, and current temperature outlooks for the next month are higher than the temperatures experienced in January.
Using this week’s average heating oil price ($3.87) and converting to a common heating unit value (million Btu), the price of fuel oil is $27.90. This compares with an equivalent heating unit value for natural gas of $15.50 (at $1.55/therm); propane, $36.68 (at $3.35/gallon); kerosene $31.63 (at $4.27/gallon); wood pellets, $14.67 (at $242/ton); cord wood, $11.36 (at $250/cord) and electricity for traditional baseboard heat, $43.96 (at 15 cents per kwh). Other electric heating technologies, such as heat pumps and electric thermal storage, may offer consumers energy savings, the office reported.
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