Propane Prices Sky Rocket - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Propane Prices Sky Rocket

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It's a price tag nearly every homeowner has their eye on.
Propane.
Reporter Sarah Gustin explains how one local supplier is working to offer their customer the best price.

(Sarah Gustin / sgustin@kxnet.com) "An escalating propane price, has many homeowners worried, suppliers like Cenex are asking their customers to wait to fill, hoping to drive this propane price...down."
Since January 16th, the propane price has been headed in one direction.
Up.
And that high prices are hitting close to home.
(Jeff Gross / Cenex) "The people on a standard, fixed income. in my books. That's where it's worse. I've been in this business long enough. It just gives me the jitters. Grandma and Grandpa are out there and they can only afford this much. And now all of a sudden their 300 gallons of propane that they need to get through April, just went from 600 to 700 hundred bucks to 12 plus hundred dollars."
Jeff Gross has been with Cenex for nearly 40 years.
(Jeff Gross / Cenex) "Have you ever seen propane prices this high? Never, never."
Gross recommends contacting your supplier when your tank reaches roughly 25-30%.
But he says with prices so high, they are asking customers to wait to fill until that percentage reaches 15 or 10 percent.
(Jeff Gross / Cenex) "My feeling, and I've talked to a couple market speculators they are going to see their inventories build. If you just took 100 gallons, each customer, took 200 gallons that wanted to order propane. They don't take that now. That's 200 gallons less that's coming from the industry."
Their theory might be paying off...literally.
Monday night, the price fell 50 cents.
Dropping from $4.49 a gallon to $3.99.
Gross says the highest he had seen prices before this month was close to $2.50.
(Jeff Gross / Cenex) "Like I've been telling people, what goes up must come down. And hopefully we can hold as many people off of this high price stuff as we possibly can." 

Gross says exports being up 20% from last year, a cold winter and more farmers drying grain this fall are all contributing factors on why propane is in high demand.
He says once a customer reaches 15%, to be sure and contact your supplier to have your tank filled because they don't want anyone running out.

 

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