Residential propane prices kicked off the year with a modest gain around the country. The average retail price for a gallon of the gas went up three cents last week to settle at $2.74, according to this afternoon’s numbers from the Energy Information Administration (EIA). And that is a new record high (at least in nominal price).
The Midwest was paying $2.10 a gallon on average. The East Coast was at $3.28. And Nebraska maintained its crown as the low-cost king, at $1.73.
But could the winds of change come blowing? Some signs suggest the this season’s price upswing will lose its momentum.
Last week, the average wholesale price for a gallon of LPG actually declined by a smidge: 0.2 cents. Wholesale prices are now dipping below last year’s prices, though retail prices are still out-pacing last year’s marks. The spread is particularly notable in the Northeast, where dealers may be trying to off-set some transportation challenges this heating season.
And then there’s Connecticut, the one state where retail prices dropped last week. The Nutmeg State saw the gallon price dip four cents on average, to $2.95. That was good enough to catch North Carolina and claim the East Coast low-cost title for the week.