Maine Heating Oil Prices Soar to Record High Amid Global Disruptions

Maine is facing record-breaking heating oil prices due to global events and supply chain disruptions. The average price of a gallon of heating oil hit $6.02 this week, according to a weekly survey from the Maine Department of Energy Resources. This marks a new high for the state.

Economist Jonathan Rubin at the University of Maine attributes the surge in prices to wars in the Middle East and between Ukraine and Russia, as well as a global shortage of refining capacity. The war with Iran has further exacerbated the issue by limiting refined oil products' ability to exit the Persian Gulf.

Maine's energy department notes that heating oil prices have increased 81% from the same time last year. Filling a standard 250-gallon residential oil tank will cost $740 more than before the start of the war with Iran, according to the department.

Acting Energy Commissioner Celina Cunningham emphasizes Maine's reliance on fossil fuels for winter heating and cautions residents about cost volatility stemming from global events and markets. The department is urging residents to plan ahead by reaching out to fuel providers, exploring heating assistance programs, and considering home efficiency options.