Cold snap draining fuel supplies, prices spiking

NEW YORK (AP) - A second fierce blast of winter weather is sapping fuel supplies in many regions and sending prices for propane and natural gas to record highs.

Higher natural gas prices are also leading to sharply higher wholesale electricity prices as power utilities snap up gas at almost any price to run power plants to meet higher-than-normal winter demand.

Propane users will get pinched the most. Those who find themselves suddenly needing to fill their tanks could be paying $100 to $200 more per fill-up than a month ago.

Homeowners who use natural gas and electricity will see higher heating bills because they'll use more fuel. But prices won't rise dramatically because utilities only buy a small portion of the fuel at the elevated prices.