clarinews@clarinet.com (02/03/90)
NEW YORK (UPI) -- The price New York state homeowners pay for heating oil, a bellwether for the entire Northeast, dropped 5 cents a gallon during the past week as continued warmer weather cut demand, the state's energy office said Friday. The average statewide home heating oil price fell 5.3 cents to $1.153 a gallon for the week ended Thursday, still 22.6 cents higher than a year ago, office spokesman Gary Sheffer said. Following one of the coldest Decembers ever, the statewide average had risen to a high of $1.41 a gallon in early January. Prices in the downstate region, which includes Long Island and New York City, fell 4.9 cents to an average of $1.197 a gallon, 20.3 cents higher than a year ago. Upstate prices averaged $1.096 a gallon, 5.9 cents less than a week ago, but 25.5 cents higher than a year ago. This was the last of the New York weekly surveys, which were started in mid-December when prices started to escalate. The state's energy office is returning to its regular bi-weekly schedule, Sheffer said. Federal officials have said that as much as 10 cents of the increase could be accounted for by higher prices for crude oil, from which the heating oil is refined. Northeastern governors have asked the federal government to investigate whether there was profitering by oil companies and distributors during the December price runup. Congress also is currently holding hearings.