Price of heating oil breaks record set in 2022 - Portland Press Herald

The cost of heating oil hit a record high of $6.02 per gallon on Monday, breaking the record set in May 2022, according to the latest weekly survey from the Maine Department of Energy Resources.

That represents a 81% increase from this time last year, and it’s 10 cents higher than the previous record, set shortly after Russia’s invasion of Ukraine disrupted the global oil supply.

Residents will pay an estimated $740 more to fill a standard 275-gallon oil tank than they would have a year ago before the war in Iran, according to the news release from the department.

About half of Maine homeowners rely on heating oil for warmth in the winter, and most of them refill their tanks more than once during the season. Maine uses more heating oil per capita than any other state, although that has declined.

“These are historic heating oil prices, and Maine families are feeling the impact as we head into winter,” Celina Cunningham, the department’s acting commissioner, said in the news release. “With global oil markets remaining volatile, now is the time to be proactive and plan ahead. I urge Maine people to contact their fuel provider, get on contractors’ schedules, and explore available heating assistance and energy efficiency programs.

“Planning and taking action now can help you manage costs and be prepared for the colder weather ahead.”

The Home Energy Assistance Program administered by MaineHousing can provide financial assistance for home heating, and the Energy Crisis Intervention Program assists low-income households experiencing an immediate energy-related crisis, starting Nov. 1. MaineHousing urges people to apply for heating assistance as soon as possible before they experience a heating crisis, according to the release.

Efficiency Maine is offering $1,150 instant discounts for heat pump water heaters, a $500 bonus for those that use heat pumps as their primary heating system — available for a limited time — and incentives for new ducted heat pump systems.

There are community-run wood banks across the state that provide free firewood for those who qualify and need help heating their homes.

The Department of Energy Resources will host an informational public webinar on winter heating resources from 11 a.m. to noon on Oct. 2 with representatives from Efficiency Maine Trust and MaineHousing.