G7 Oil Release Aims to Lower Energy Costs for Maine Residents
U.S. Sen. Susan Collins has praised the Group of Seven (G7) nations' decision to release 50 million barrels of diesel and 50 million barrels of crude oil over the next four months. The move is aimed at easing energy costs, which have surged due to the war in Iran and Russia's export ban on diesel following Ukrainian attacks on refineries.
Collins stated that the release will increase supply and put immediate downward pressure on gasoline and diesel prices, benefiting Americans struggling with heating costs and fuel expenses. She had previously urged President Donald Trump to release supply from the Northeast Home Heating Oil Reserve in a letter last month.
According to the Maine Department of Energy Resources, the average statewide price of heating oil was $5.96 per gallon on Sept. 28, up roughly 80% from last year. This is slightly lower than the record high of $6.02 per gallon recorded on Sept. 21. Celina Cunningham, acting commissioner of the department, noted that Maine's reliance on imported heating fuels leaves households vulnerable to global oil market volatility.
The Maine Democratic Party criticized Collins for voting to extend the war in Iran five times, arguing that her actions have contributed to the current high energy prices and uncertainty for Maine families heading into winter.