Oil prices show they still can bite
Just when you thought you could catch your breath, fuel prices demonstrated today that they still have plenty of teeth.
Gasoline prices have been dropping fast in recent weeks, as anybody who drives a car is aware. The cost of a gallon of unleaded regular has dropped from $4.133 one month ago to $3.804 today, according to AAA.
The cost of heating oil also has fallen below $4 a gallon in the Portland area to $3.929, according to Energy Data Corp.
So, it's kind of discouraging to see that some folding business operations are still blaming high fuel prices as a culprit and planned projects are being dropped for the same reason.
Irving Forest Products Inc. has announced the closure of its Pinkham Sawmill in Aroostook County, with the loss of 44 jobs, saying that the weak economy and energy prices that went up 97 percent since 2000 led to its demise.
Statewide, motorists are going to have to put up with rough roads a little longer. The Maine Department of Transportation announced today that it plans to suspend many upcoming road projects because the skyrocketing price of petroleum-based liquid asphalt has climbed from $307.50 a ton in January to $765 per ton.
Local officials haven't taken their eye off the energy ball, despite the pull-back in prices during recent weeks. On Tuesday, Standish became the most-recent community to create a new fund to help needy residents pay for heating fuel this winter.
Good thing, too. Oil prices are on their way up again today. Enjoy the sunshine while it lasts.
Money, greed, fear and power in Maine
Investment professionals say that two base human emotions drive the markets: fear and greed. And we've seen fear driving the market for much of this year, with investors terrified by what oil prices might do to the economy.
In a broader sense, fear and greed also drive most of what goes on in the economy, with a dash of altruism thrown into the pot. It's a recipe that could lead to some major changes in the Maine landscape during the next decade.
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