Buy your own tank and you can shop around for the cheapest price, rather than being tied to one company and tank rental and bloated prices.
Actually, it is not. It is significantly cheaper per gallon, but fuel oil has ~60% more BTU’s per gallon. Assuming similar efficiencies in the burners:
$2.868 Propane at 71,000 BTU/gallon is 4.0¢ per thousand BTU.
$4.104 Fuel Oil at 115,000 BTU/gallon is 3.6¢ per thousand BTU.
Just like ethanol to gasoline, not all fuels are created equal. Propane is relatively expensive fuel, especially compared to natural gas.
Fuel Oil Price http://www.eia.gov/dnav/pet/pet_pri_wfr_a_EPD2F_PRS_dpgal_m.htm
Propane Price
http://www.eia.gov/dnav/pet/pet_pri_wfr_a_EPLLPA_PRS_dpgal_m.htm
At the same time period (March 2012), Residential Natural Gas averaged $10.36 per 1,000 cu ft which equates to 1.0¢ per 1,000 BTU.