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Fuel prices on the rise as U.S. bans Russian oil imports

Prices of oil and gas continue to rise as Russia invades Ukraine.
Published: Mar. 8, 2022 at 7:11 PM EST
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(WFSB) - The United States’ ban on Russian oil imports will impact fuel prices in Connecticut.

Russian oil makes up only a small amount of the shipments that come into harbors.

Many in the industry expected this announcement to come, but that doesn’t mean we’ll be seeing any relief.

“When we’re coming in the morning, starting at six seven am, we’re experiencing price changes,” said Katie Childs, Vice President of Tuxis Ohrs fuel.

Childs has worked in home heating oil for 20 years.

She’s never seen a market like this, with prices changing overnight.

Sometimes, her Meriden oil company is seeing the cost go up by the hour.

“We’ll go down to get a load of fuel, and it’ll already have gone up 20 or 30 cents,” Childs said.

Tuesday President Joe Biden announced a ban on oil from Russia.

But Childs says the market has been anticipating this decision.

“I think some of that’s priced in, at least I hope it’s priced in,” she said.

Any increase in oil prices also has a direct impact on the rest of the energy market.

Drivers know that when the price of oil goes up, they can expect to pay more for gasoline, too.

“Every 10 dollars is 20 cents at the pump,” said Leah Hartman, Distinguished Lecturer, at the University of New Haven.

So far, many European countries have not enacted the same ban on Russian oil.

If that happens, prices could go up even more.

“Then they look elsewhere, we are now in competition for the elsewhere,” Hartman said.

Even if the war in Ukraine ends, experts say energy prices could stay high for a while.

“The demand is there, the economy is growing, people are back to work,” Hartman said.

We may be here with high prices for a while.

Childs says that with warmer weather, many are ordering less oil to account for the price.

Experts also say that seasonal change in demand is already factored into pricing.