U.S residential propane prices increased 30% during the winter heating season

According to the Heating Oil and Propane Update, the average residential price of propane in the United States averaged $2.30 per gallon (gal) as of March 29, which was nearly 43 cents/gal higher than at the same time last year. U.S. average residential propane prices increased by more than 52 cents/gal, or 30%, during the 2020–2021 heating season, which began October 1 and ended March 31. The increase in prices can be attributed primarily to higher crude oil prices, seasonal withdrawals from propane inventory, and increased global demand for U.S. propane exports. This price change was the largest within-season increase in residential propane prices since the 2013–2014 season when propane markets tightened because of a polar vortex and low inventories. More »