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McCaskill, Blunt Urge President to Act on Propane Prices - KOAM TV 7

McCaskill, Blunt Urge President to Act on Propane Prices

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NEWS RELEASE ISSUED BY U.S. SENATOR CLAIRE MCCASKILL (MO.)

McCaskill, Blunt Urge President to Act on Propane Prices

As Missourians continue to face frigid temperatures, bipartisan group of colleagues demands solution to dramatic spike in propane prices

WASHINGTON – As thousands of Missourians continue to see a dramatic spike in their propane prices, Missouri’s U.S. Senators Claire McCaskill and Roy Blunt joined a bipartisan group of colleagues to demand President Obama facilitate regulatory relief to increase propane supply in areas with critical shortages—which would lower costs, as well as provide federal assistance to states and communities affected by the high prices.

“Homes, businesses, and farms desperately need propane, and the shortage threatens the safety of families and the financial stability of farms and businesses,” the Senators wrote in their letter. “Thankfully, propane suppliers are already responding to market forces and taking extraordinary steps to increase supplies in hard-hit areas. Until propane stocks recover, the government should continue to provide and/or expand short term regulatory relief to incentivize these activities.”

According to the Energy Information Administration (EIA), U.S. propane stocks have fallen far below the 5-year seasonal average. The most recent EIA report indicates that propane stocks are 24 million barrels lower than a year ago, a drop of 43.8 percent. As a result, in many areas propane prices have doubled, or even tripled, since October. More than twenty states have issued disaster declarations related to the shortage.

A copy of the Senators’ letter to the president is available online HERE.

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