Just in time for the colder weather, the average price for heating oil, kerosene and propane in Maine has spiked over the last month, according to the Governor's Energy Office.
The average cash price for a gallon of No. 2 heating oil stands at $2.88 per gallon, an increase of 14 cents over September.
Kerosene and propane also saw jumps of 11 and 9 cents per gallon respectively.
"We don't have a global glut of oil anymore,” says Lisa Smith, a senior planner with the Governor's Energy Office. We have tighter supplies."
Smith says that sanctions recently imposed by the Trump administration on Iranian exports are having an effect.
"But also Venezuela was a large exporting state, and their economic situation is pretty challenging there, so exports have dropped off significantly so that's a lot of barrels of oil a day that aren't in the market,” Smith says.
Other crude producing countries are expected to step up production in the coming months, but Smith says it's not at all clear if or when prices will stabilize.
Residents of Northern Maine are paying the highest average price for heating oil, at $3.04 per gallon, with the lowest average price at $2.79 per gallon in Western Maine.
For kerosene, the average statewide cash price is $3.45 per gallon, with propane costing $2.77 per gallon.
