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Oil down 8 cents in latest survey

By Portland Press Herald Staff Report January 28, 2008 03:47 PM

Statewide average heating oil prices fell 8 cents a gallon in Monday’s weekly survey by Maine’s Office of Energy Independence and Security.

The current cash price is $3.22 per gallon, which is a dollar higher than last year at this time.

Inventories of heating oil continued to rise and consumers are seeing the benefit in lower prices, the state said. Fears of a slowing economy also have driven down crude oil prices, although the drop in the value of the dollar has lowered purchasing power in a global market place.

The survey showed a wide range of oil prices across the state, ranging from $2.29 a gallon in the southwest to $3.44 in eastern Maine. Bioheat, a 5 percent blend with petroleum, is $3.30 a gallon.

The statewide kerosene price average is down a nickel since last week, at $3.64 per gallon. Propane for domestic heating fell a penny, to $2.96.