Angus King

Sen. Susan Collins (R-Maine) applauded the Trump administration’s decision Wednesday to release 315,000 barrels of heating oil from the Northeast Home Heating Oil Reserve, following a September request from Collins and Sen. Angus King (I-Maine).

[RELATED: Susan Collins and Angus King Urge Donald Trump to Release Heating Oil Reserve Supplies as Costs Rise…]

“Approximately half of Maine households rely on fuel oil to heat their homes, and I have repeatedly urged the administration to use every tool to increase supply and lower energy prices. The Department anticipates this release will put downward pressure on home heating oil costs and make a real difference for Maine homeowners as they prepare for winter,” said Sen. Collins.

I am pleased that the Administration has acted upon our request and will release up to 315,000 barrels of heating oil from the Northeast Home Heating Oil Reserve. This release—a 13 percent supply increase for New England—will put downward pressure on home heating oil costs and…

“Maine is one of the most dependent states in the country on home heating oil and the cost is absolutely through the roof. This release of stored oil in New England will hopefully be some help. While this is good news, we also want to keep pressuring the Administration to bring those prices down before winter really sets in,” said Sen. King.

The release will allow oil companies to bid for the 315,000 barrels released from the reserve, which will then help lower the costs of oil for Maine consumers.

The release is equivalent to a 13% supply increase of heating oil in New England.

Two hundred thousand of the reserve’s barrels are stored in South Portland.

Oil has only been released from the reserve twice in its 26-year history and has never before been used as a means of reducing heating oil prices.

The first release came in 2011 and was intended to replace the reserve with more environmentally friendly oil. It was not a response to an emergency.

The most recent release came in 2012 in response to Hurricane Sandy.

Seamus Othot is a reporter for The Maine Wire. He graduated from The Thomas More College of Liberal Arts, where he was able to spend his time reading the great works of Western Civilization. He can be reached at [email protected] or ‪(401) 216-9160‬.

In the meantime Troy Jackson and The Democrat Socialists of America stirred up another deceptive TV to bamboozle the over 65 , blue haired , wire rim crowd , who are headed down to the bridge for another No Kings Rally with Hanna Pingree . Wait till they find out the Muslims want to kill their dogs ! LOL

It will be very interesting to see if the price does go down and if so how much.

Original reporting. Straight to your inbox.