UNPRECEDENTED SPIKE IN PROPANE COSTS

Propane costs jumped 61 cents this week, closing at $2.61 per gallon – a 30 percent increase. And, officials with the state Department of Agriculture and Land Stewardship said there were indication the price for propane likely would top the $3 mark this week. With the Iowa winter in full swing, state officials said home heating oil rose three cents from last week's figures, ending with a statewide average of $3.43. Natural gas prices in Iowa were up 23 cents from last week's report, ending the week at $4.58/MMbtu. On the motor fuel side, the price of unleaded gasoline blended with 10 percent ethanol stood at $3.10 per gallon in Iowa, down a penny from last week's price and up three cents a gallon from one year ago. Retail diesel fuel prices in Iowa were down a penny on the Tuesday report with a statewide average of $3.77 a gallon.