Maine heating oil prices are continuing to plummet and are now at the lowest level in nearly a dozen years.
The average price in Maine on Monday was $1.77 a gallon, according to a survey conducted by the Governor’s Energy Office. The price fell 4 cents a gallon from the week before and is now at the lowest level since the state began regular heating oil price surveys in October 2004.
The price of kerosene also fell 4 cents a gallon from the previous week and was at $2.38 a gallon. Propane prices remained stable at $2.22 a gallon, the GEO reported.
The prices reflect lower crude oil prices, which are down more than 25 percent since the beginning of the year. West Texas Intermediate crude oil prices stabilized Thursday morning at about $28.74 a barrel.
The GEO said the current average price for the heating season is now down to $1.95 a gallon. The average Maine household using 900 gallons of oil will save nearly $1,600 over last year’s cost of heating.
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