Propane, like other petroleum products, was hitting the roof last spring with stratospheric prices.
In fact, last July, propane, trading on the New York Mercantile Exchange, hit $2 a gallon, with some local prices apparently going over $3 a gallon. However, at least on the Merc, propane has been on a freefall.
The average price in September was $1.56 a gallon, and the average price so far this month (October) has been $1.14. And today, November deliveries are selling for 84 cents a gallon and December deliveries at 85 cents.
Why is it that propane prices in western Nevada county are still ranging from $2.35 to almost $3?
Owning my own tank, I am free to shop, to choose how much and where to buy, and I gather that the prices at the next step up in the distribution chain are not falling as one might expect.
I am very sorry for the poor sods who accepted cheap leases on tanks from the tank rental companies, who are now getting topped off at sky-high rates before the local prices drop. I'm buying as little as possible until our prices settle down.