Market analyst: Spike in propane cost is behind us
EIA data shows the average price of a gallon of propane jumped $2.13 from the week prior in the State of Iowa.
Last year a gallon of propane cost an average of $1.40, and just last week the price hit $4.71 per gallon. Harold Hommes, a market analyst with the Iowa Department of Agriculture says he thinks the spike is behind us, it will take some time before consumers see that price go down.
"We'll have continued volatility for the next 10 days, but we get through the mid-part of the month, I look for values of these crazy propane prices to start retreating in a fairly significant manner," Hommes said. "The industry's doing all they can to get supplies and inventory rebuilt up here, and I think we're gonna come into a more traditional period that will show us those lower values."
Experts are saying we won't see the prices fall as rapidly as they rose.