Maine heating oil prices surge toward record highs

Heating oil prices in Maine are rising sharply, approaching levels seen during the 2022 record highs. As of mid-September, the statewide average price reached approximately $5.77 per gallon, representing a 74 percent increase compared to the same period last year.

For a standard 275-gallon tank, the cost to fill from empty has risen to roughly $1,587, compared to approximately $913 at last year’s average prices. This spike is particularly impactful as Maine enters the colder months, with over 300,000 housing units relying on fuel oil or kerosene as their primary heat source.

In response to the rising costs, U.S. Senator Susan Collins is leading a bipartisan effort in Washington to urge the federal government to release heating assistance funding earlier than usual to support vulnerable households. The price volatility is being linked to geopolitical tensions, including conflict in Iran and constraints on oil flow through the Strait of Hormuz.