Heating oil prices continue to decline in Maine, the Governor’s Energy Office reported on Wednesday, with the statewide average down an additional 4 cents a gallon from last week and 7 cents over the last two weeks, to $2.56.

Kerosene also saw a steep drop from two weeks ago, down 12 cents a gallon to $3.12. Propane for heating also dropped 7 cents over the past two weeks and now stands at $2.66 a gallon.

Declining prices continue to provide relief for Mainers who heat with petroleum, compared to this time last year. Heating oil was $3.87 a gallon then; kerosene was $4.27; Propane was $3.35.

Taken together, retail heating oil prices are down roughly 35 percent from last year at this time, the office reported.

Worldwide crude oil supplies are likely to exceed demand for the rest of 2015 and beyond, according to news reported cited by the energy office.

So even as crude oil prices appear to be stabilizing at between $45 and $50 per barrel, they don’t appear poised to rebound any time soon, the office said.


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