Maine energy costs are climbing sharply, while national and state leaders openly support regulatory restrictions for increased production. The ensuing impact to our national and regional energy infrastructure is driving up inflation and damaging our economy and the financial well-being of all Mainers. Former U.S. Energy Secretary Rick Perry described current national energy policies and rising costs a “disaster” and noted the Administration’s recent restrictive actions including “no to pipelines, no to drilling, and no to the financing of oil and gas projects overseas.”
Mainers are facing significantly higher rates for electricity and soaring costs for home heating oil, kerosene and propane. The Maine Public Utilities Commission (MPUC) recently announced new rate increases for Central Maine Power (CMP) and Versant customers. CMP ratepayers can expect an 83% increase in their electric bill supply rate, while Versant ratepayers can anticipate an increase of up to 89%. The MPUC reported that the average Maine ratepayer should expect to pay $30 dollars per month more in additional costs.
The Governor’s Energy Office also released concerning news with the latest average monthly prices for heating oil, propane and kerosene through November 2021.
A year ago, the average monthly heating oil price was $1.93 a gallon. The average cost now has increased almost 64% to $3.16 per gallon. The monthly average for kerosene jumped 49%, from an average of $2.50 to $3.73 as of last November. The monthly average price for propane increased 29%, from an average of $2.51 in November 2020 to $3.25 this last November.
Basic economics dictate if supply stays the same or decreases, prices will go up. Conversely, if supply increases and demand stays the same or decreases, prices will go down. Consequently, if state and federal leaders were concerned about the financial impact of energy they would be supporting measures to increase production, not supporting measures to restrict production. Until there is a dramatic change of direction in our national and state energy policies, Mainers face the “disaster” of rising energy costs.
https://www.cnbc.com/2021/11/08/rick-perry-biden-policies-could-lead-to-disaster.html