Prices for propane are sharply down this year compared to last year’s prices.
Jim Shepherd, president of S&S Oil and Propane, 2608 W. Highway 50, said the company’s prices are down a lot.
“We’re probably about $1 to $1.10 cheaper than we were last year per gallon,” Shepherd said.
Shepherd said a number of things are driving the prices including reduced consumption and reduced price of crude oil. At this time last year, crude oil was $140 a barrel; now it stands at $71. Natural gas prices are down as well because of less consumption and lower prices.
“Propane comes from both natural gas and crude oil,” Shepherd said.
On Wednesday, Shepherd said prices were the lowest at S&S since 2005. The cash price on Wednesday was $1.19. That price can be locked in for the winter delivery contracts for 10 cents more, Shepherd said.
“We do still have propane yet for sale at these prices for delivery this winter,” Shepherd said. “From the historical standpoint it seems pretty reasonable. To me it’s a lot easier to burn propane than to cut firewood.”
Shepherd said there are many things homeowners can do to make their homes more efficient this winter. They can check the insulation in their homes and make sure it’s adequate. They also can change appliances and furnaces.
“Some of the older furnaces aren’t as efficient as the newer ones,” Shepherd said.
Homeowners also have a safety check on their propane lines from the tank to the house to make sure they have no leaks.
“And make sure their air filter is clear and their appliances are working properly,” he said.