Average heating oil price drops in Maine 3 cents

Heating oil average price drops in Maine by 3 cents per gallon in week

Associated Press

AUGUSTA, Maine (AP) -- Maine energy officials say the average cash price for No. 2 heating oil in the state is $3.64 per gallon, down 3 cents from last week's price survey.

The Governor's Energy Office says several factors may be driving the drop in consumer prices. Citing reports in Bloomberg News, state officials say weak economic growth in Europe, and the impending "fiscal cliff" in the United States may be decreasing demand in the short term, thereby reducing prices. Officials also point to increased domestic oil production from hydraulic fracturing, or fracking.

Maine energy officials say the average price for propane, in quantities used for heating, is unchanged from last week. Propane prices remain lower than they were at this time a year ago.

View Comments (1)