Pat, you were right once again but not by much. ;-) I had also overlooked the cooling effect.
"For propane, the gas displacement effect is 4%, it means that the displacement of air by propane causes reduction in power of 4 % (volumetric efficiency decrease) from an equilevent gasoline counterpart. Gasoline on the other hand, provides evaporotive cooling of the intake air which increases the intake air density and increases the power. Test results show 6 % less power with propane than with gasoline."
==J.E Sinor Consultants Inc, The Clean Fuels Report, November 1992, Volume 4, No. 5
ISZ