The 2014–2016 oil crash
The 2014 collapse in crude oil prices pulled US propane prices down with it. Mont Belvieu wholesale propane fell from ~$1.20/gal in 2013 to below $0.30/gal by early 2016. Residential prices followed, dropping into the $2.00/gal band in many markets — the cheapest US propane prices in over a decade.
The shale-export shift
Through the 2010s, US shale gas drove a structural change: the US became a net propane exporter for the first time in history, and is now the world's largest LPG exporter. This export demand keeps a structural floor under US propane prices that didn't exist before — even in oversupplied periods, global buyers (Asia, Latin America, Europe) compete for US barrels.
The 2021–2022 spike
The post-pandemic energy reopening, Russia's invasion of Ukraine, and unusually cold winters pushed US propane to multi-year highs. Mont Belvieu wholesale touched $1.70/gal; residential averages exceeded $3.50/gal in several Northeast states. Inventory levels reached uncomfortable lows in early 2022.
2024–2026 moderation
Prices have stabilised in the $2.40–$3.20/gal residential band — historically average, with normal seasonal swing. The structural factors haven't changed (export demand, shale fundamentals), but the acute shocks of 2021–2022 have eased. Most analyst forecasts call for continued range-bound pricing barring weather extremes or geopolitical shocks.
Seasonal patterns within any year
Within any given year, US propane prices follow a predictable seasonal pattern: lowest in May–August, rising through October–December as heating demand builds, peaking January–February, easing through March–April. See why winter prices rise and summer fill.
FAQ
Is propane more expensive than 10 years ago?
In nominal dollars, current prices are similar to the 2014–2015 levels (\$2.40–\$3.20 vs ~\$2.20–\$2.80 then). Adjusted for inflation, real propane prices are somewhat lower than a decade ago.
Where can I see historical US propane prices?
The EIA WHOPS historical archive covers weekly residential prices since the 1990s. The Mont Belvieu daily spot price archive goes back to 1992.