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Heating oil prices continue to fall in Maine

Tuesday, August 19, 2008

AUGUSTA (AP) - The price of heating oil continues to fall in Maine.

The statewide average cash price on Monday was $4 a gallon, according to the Office of Energy Independence and Security's biweekly survey. That's down 42 cents from two weeks ago and 71 cents from the peak on July 7.

John Kerry, director of the energy office, said Americans can take a lot of credit for the recent drop in oil prices. Crude oil prices on Monday settled below $113 a barrel for the first time in over three months after topping out at $147.27 on July 11.

"They have driven 12.2 billion fewer miles though June of '08 compared with the same period in '07," Kerry said. "This is the first step in changing our fossil fuel-dependent culture and to a sustainable energy culture and the only reliable short-term strategy for bringing down petroleum prices."

But oil prices could rise again because the market dynamics that caused prices to more than double in the past year are still in place, Kerry cautioned.

Southwest Maine had the lowest average price at $3.83 a gallon, according to the survey. Eastern Maine had the highest price at $4.13 a gallon.

The average price stood at $4.01 a gallon in western Maine, $4.03 in central Maine and $4.11 in the northern part of the state.

Kerosene was averaging $4.58 a gallon statewide, which was 33 cents cheaper than it was two weeks ago.

CLICK HERE To Show/Hide Discussion Thread - (8 Comments)
Comments
Posted By:ray at August 19, 2008 5:22 AM (Suggest Removal)
$3.83 per gallon still is not a bargain. We must end our dependency on oil. Corn is not the only answer as some parts of our country can grow sugar better than corn and sugar produces more ethanol. Diesel and fuel oil substitutes can be made from many sources; are we exploring them all?

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Posted By:Texas @ November 11 at August 19, 2008 6:15 AM (Suggest Removal)
"Americans can take a lot of credit for the recent drop in oil prices". I don't believe in the supply and demand theory to oil prices. During 9/11 when all the planes were grounded the price of fuel did not drop. Fuel usage did not rise significantly when the price of crude went through the roof. There is an seasonal shift of heating oil use in the northeast each and every year. Whie the price goes up in the cold months it never returns to pre season pricing after th high usage season has passed. Nope, there are other things in the works. Prices rasied during prpofit taking almost never is compensated for by an equal drop. To think that $4 a gallon is good news is sick. My argument has always been if gasoline has 30 to 40 cents a gallon tax and we can sell gas for much less than $4 a gallon why is home heating oil that much more expensive than gas. If fewer planes are flying becasue of the finanical problems and ergo less fuel consuption, why is the price still up? Profit taking and not all of it has to do with big oil either. Lastly, the use of corn and or sugar is a farce. This is not the answer, it takes energy to make energy until we find a different source we will be dependent on oil. Drill. Drill in new places. Drill safe but drill. We need a change of the energy source and the way we convert it to what we need. Until we toss out the "usuall" like the combustion engine we will be dependent on our current energy sources. Solar, wind, and hydrogen are stil the long term options. Contractors and home owners need to drive the energy conservation when doing remodeling and construction. It really doesn't ahve to be expensive or too radical (but it could be) to help. $4 a gallon is not good news. 3.83 isn't much better.

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Posted By:Fed Up at August 19, 2008 1:44 PM (Suggest Removal)
Very good comment Bucko. I think you are very educated on the issue and right on target. Heating/diesel oil is a by-product of the gasoline refining process. There is tax on gasoline, not heating oil. It is not hard at all to see what is going on. We all just have to stop blaming and take action.

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Posted By:Amadaeus at August 19, 2008 2:05 PM (Suggest Removal)
Pheww!!! I sure am glad I did not "lock in" a rate with my oil company!!! The months for lock ins were june and july, I feel bad for those who are probably kicking themselves right now for locking. I had been told by an aquaintance the rumor around was heating oil would go near 6 bucks a gallon soon. Boy am I relieved I did not have the money to lock in at 4.71!!!

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Posted By:Linda at August 19, 2008 2:15 PM (Suggest Removal)
Well, I just paid 3.39 a gallon today ................I am going to take it for as long as I can get it....

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Posted By:Drew at August 19, 2008 4:10 PM (Suggest Removal)
"I don't believe in the supply and demand theory to oil prices." Some people don't believe in gravity either. Doesn't mean they're immune to falling down.

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Posted By:ROCKO at August 20, 2008 3:26 AM (Suggest Removal)
well I did install a corn burning stove that will burn wood pellets as well,Im hoping to save a little bu doing it and also doing my part to get off the oil addiction hope it works !

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Posted By:Chris at August 20, 2008 11:12 AM (Suggest Removal)
My feeling is that oil/gas prices will rise after a President is chosen. As soon as the Chinese allow vehicles on the road, and factories to open, it WILL Sharply rise. Free trade to India and China is what spiked our prices. China has 1 billion people and the uS has 300 million. I hate "W." He's a blooming idiot and war criminal and taking us all down. Most countries hate him and feel sorry for the US people. Pelosi is totally incompetent and SHOULD GO back to being a stay at home mom, because she sure isn't worth CRAP as a House Speaker. She's proved that. "W" is at 32% and Pelosi is at 16%. Her book bombed and if you want so great reading, go to Amazon.com and look at the comments!!! LOL. She went from -1600, to -2800, to now -6800 on the best sellers list!

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