What is going to happen tomorrow? What will the outcome be? It’s hard to say, because the world around us is continuously changing. Luckily in the world of propane this has been less prominent. While it’s true that the propane industry has grown significantly in the last two years alone, growth is continuous. With these patterns we’ve been able to piece together some useful futuristic information.
A couple years ago the Propane Education and Research Council led a presentation that predicted a total of 800 million gallons of propane to be sold between the years 2014 and 2025. This prediction came with the understanding that oil companies had shown steep declines in sales. This means the price of propane (for commercial or residential use) could remain competitive with gasoline and other natural fuels. The council was also able to point out that once the propane industry stabilized in 2013 it has been able to grow steadily each year. While there have been some breaks to the prediction, we’re happy to report that the competitive edge holds true!
We’ve taken some weekly price standings from the year 2015 from U.S. Energy Information Administration to show the comparison between heating oil and residential propane prices throughout the United States.
As you can see in the chart above, prices throughout the month of October of last year had little to no growth in the price per gallon to this year.
While this comparison shows the difference in price between last year and this year in the United States for heating oil.
On average heating oil costs almost a whole $1.50/gallon more than propane each year. This prediction is continued to go through the winter season of 2016-2017 too! This is fantastic news for you as a propane customer and for us as propane providers for both residential and commercial purposes. Our trends even hold true in the crazy winter weather, such as the winter vortex of 2014. So you can rest assured that the propane industry is here to stay! You can also rest assured that you’re getting the most for your dollar for cleaner, better and more efficient means of heat and energy!