Propane Price Per Gallon: Historical Chart (2014 to 2026)
Twelve years of US residential propane history, charted from the EIA monthly archive, with the major price events of the period annotated.
Year-by-year, annotated
| Year | Annual avg ($/gal) | High | Low | Notable event |
|---|---|---|---|---|
| 2014 | $2.808 | $4.011 | $2.382 | Polar vortex spike, winter heating premiums never seen since |
| 2015 | $2.184 | $2.451 | $2.005 | |
| 2016 | $1.976 | $2.143 | $1.847 | |
| 2017 | $2.224 | $2.434 | $2.034 | |
| 2018 | $2.581 | $2.713 | $2.453 | |
| 2019 | $2.354 | $2.617 | $2.092 | |
| 2020 | $2.078 | $2.158 | $1.957 | Pandemic demand drop kept prices flat through summer |
| 2021 | $2.418 | $2.733 | $2.012 | |
| 2022 | $2.853 | $3.019 | $2.661 | Russia-Ukraine supply disruption raised the global NGL floor |
| 2023 | $2.515 | $2.710 | $2.379 | |
| 2024 | $2.482 | $2.609 | $2.371 | |
| 2025 | $2.611 | $2.753 | $2.518 |
2014: The polar vortex year
The single most important year in modern US residential propane price history. A severe polar vortex event from early January through mid-February 2014 produced sustained sub-zero temperatures across the Midwest and Northeast, driving residential propane demand to levels that exceeded rack delivery capacity in many regional markets. The 2013 corn harvest had been unusually wet (autumn corn- drying load was elevated through October and November 2013), which had already drawn PADD 2 propane inventory to low levels heading into winter. The combination of tight inventory and a cold-snap event of unusual duration produced the all-time record monthly residential price of $4.011 per gallon in February 2014. Twenty-six states declared propane shortage emergencies. The polar vortex page (/polar-vortex-propane-price-spike/) covers this episode in detail.
2015-2017: Recovery to normal
Propane prices fell sharply through 2015 and 2016 as the industry rebuilt inventory and US LPG exports ramped up (creating a steady demand sink that paradoxically stabilised domestic prices). The 2016 calendar year average of $1.976 per gallon was the lowest of the period covered on this page. The 2014 propane shortage drove significant industry investment in propane delivery infrastructure, terminal storage, and dealer inventory discipline, all of which contributed to the more orderly markets that followed.
2018-2019: Normalised market
Propane prices stabilised in a typical $2.00 to $2.70 range across the heating season cycle, with annual averages near $2.50. The export-driven price floor was now well established (US LPG exports exceeded domestic residential demand by 2018, see the LPG exports page). Cold-snap events occurred but did not produce the supply stress of 2014 because of the larger inventory buffer.
2020: COVID-19 demand drop
The pandemic produced an unusual flat-price year. Residential heating demand was largely unchanged (homes still needed heating), but commercial propane (restaurants, schools, fleet operations) dropped sharply through the spring-summer shutdown. Industrial and petrochemical demand for propane (as a steam-cracker feedstock for ethylene) also softened. The 2020 annual average of $2.078 per gallon was the lowest of the post-2017 period and reflected the broad oil and gas commodity sell-off that accompanied the pandemic demand shock. Mont Belvieu spot briefly traded below 50 cents per gallon in April 2020.
2021-2022: Russia-Ukraine and NGL floor
Propane prices rallied through 2021 as the global economy reopened and US LPG export demand returned. The Russia- Ukraine war in early 2022 disrupted European naphtha supply (Russian-origin naphtha was no longer flowing to European steam crackers), which shifted European propane import demand to US Gulf Coast suppliers. The result was a sustained widening of the US LPG export window and a structural lift in the US domestic propane price floor. The 2022 calendar year residential average reached $2.853 per gallon, the highest of the post-2014 period until surpassed briefly during the winter 2024-2025 cold-snap events.
2023-2024: Return to range
Propane prices eased through 2023 and 2024 as global LPG trade normalised and US production grew faster than domestic plus export demand. The 2023 annual average of $2.515 and 2024 average of $2.482 represented a return to the post-shale-era normal range. The 2023-2024 winter was relatively mild, contributing to the lower-than-recent annual averages.
2025-2026: Current cycle
The 2025-2026 heating season ran a fairly typical pattern, with peak residential pricing in late January and February and a normal seasonal decline through March (see the winter 2025-2026 page). The 2026 calendar year is tracking slightly above 2024 and 2025 averages, sitting at $2.674 per gallon as of the most recent EIA weekly survey (week of 30 March 2026). The full 2026 year track is at our propane price per gallon 2026 page.
What the historical pattern says about future prices
Twelve years of post-2014 data suggest several structural features of US residential propane pricing.
- The 2014 record is unlikely to be approached without a similar polar vortex plus depleted-inventory combination. Industry investment after 2014 substantially expanded terminal storage and improved inventory discipline.
- Annual averages now cluster in a $2.00 to $2.85 range, with the 2020 pandemic low and 2022 Russia-Ukraine high as the recent boundaries.
- US LPG exports provide a meaningful price floor. Domestic Mont Belvieu spot rarely falls below the FOB Houston-export-economics level for any sustained period.
- Seasonal amplitude is consistent. Annual high typically runs 25 to 50 cents per gallon above annual low for typical years, more for polar vortex years.
- The August or September monthly low remains the modal annual low for residential propane across the period.
The Mont Belvieu spot history
The Mont Belvieu daily spot price has its own historical track, published by EIA back to October 1991. The FRED mirror (DPROPANEMBTX) is the easiest way to view the full historical spot chart. The spot series shows the same broad pattern as residential (2014 peak, 2020 trough, 2022 recovery) but with much larger amplitude and the seasonal pattern less pronounced (the wholesale market does not have the dealer- margin lag and inventory-cost layer that smooths the residential pattern). The Mont Belvieu page (/mont-belvieu-spot-price/) covers the current quote and the daily archive.
Related
- Propane price per gallon 2026
- Polar vortex 2014 spike
- 5-year seasonal patterns
- Mont Belvieu daily spot
- How LPG exports move the propane price
- EIA STEO forecast
FAQ
What is the highest propane price ever recorded?
The US residential monthly average peaked at $4.011 per gallon in February 2014 during the polar vortex. Weekly figures during that month briefly exceeded that level in some regions; the monthly average is the cited record.
What was the lowest annual propane price in the last decade?
The 2016 calendar year average of $1.976 per gallon was the lowest, with 2020 close behind at $2.078 driven by the pandemic demand shock.
Where can I find longer historical data?
The EIA monthly residential series M_EPLLPA_PRS_NUS_DPG goes back to 1990 at full granularity. The Mont Belvieu daily spot series (FRED DPROPANEMBTX) goes back to October 1991.
Why did propane prices rise after Russia-Ukraine in 2022?
European steam crackers that previously used Russian naphtha shifted toward US-sourced propane after 2022 sanctions. The additional export demand widened the FOB Houston export economics window and lifted the US domestic propane floor.