HANCOCK COUNTY — County residents who might not have topped off their propane tanks before the latest polar vortex are now learning the prime directive of economics 101: Price rises with the tide of demand on diminishing supplies.
And the acceleration curve has spiked sharply – albeit in opposite directions – in recent weeks for liquefied petroleum gas, a form of propane.
The U.S. Energy Information Administration’s latest report on Jan. 20 showed Indiana residential propane nearly doubling in price over this time last year at $2.98 per gallon.
The recent onslaught of sustained frigid weather has hit Mike McPherson hard in rural Hancock County. He filled his 500-gallon tank up earlier this year, but the old farm house he recently purchased is running his tank below 50 percent, and the news for a top-off wasn’t good.
McPherson said he was quoted approximately $800 for 150 gallons of propane from Harvest Land Co-op, “and 150 gallons was all that I could get,” he said.