Breaking News
More () »

Connecticut's home heating oil prices impacted by more than Russia-Ukraine conflict

While prices are definitely up across Connecticut, many customers have avoided the volatility.

NEW HAVEN, Conn. — The Russia-Ukraine conflict is of course having ripple effects across the world, including on the oil industry.

But, while prices are definitely up across Connecticut, many customers have avoided the volatility.

Connecticut's home heating oil costs in September sat at an average of $2.81 per gallon. On Tuesday, it checked in at $3.90.

"The Russia conflict isn't good for any global commodity product," said Katie Childs, Vice President for Tuxis Ohrs Fuel in Meriden.

"Russia generates about nine million barrels of oil a day and if they end up starting to not be able to export that into other parts of the world then we’re going to see tightness and supply," said Chris Herb, President of the Connecticut Energy Marketers Association.

Sign up for the FOX61 newsletters: Morning Forecast, Morning Headlines, Evening Headlines

RELATED: What to know about the Russia-Ukraine tensions

But the Russia-Ukraine conflict is just one factor in the rising oil costs.

"We went from (being a) net exporter of fuel for the first time in decades to now (back to) being an importer," Herb added.

"Without increased supply, that we're willing to support in our own country, the supply side is going to continue to be the concern," said Childs.

But, there is some good news. Home heating oil is a relatively competitively priced product.

"There are 600 family-owned companies in Connecticut that compete and they always there always beating each other on the street for the best price," Herb noted.

RELATED: President Biden announces sanctions on Russia after Putin moves on Ukraine

As for those receiving energy assistance, a New Haven agency says those in need should not feel the impact of this volatility.

"We have received special funding due to COVID that enabled the state to increase the benefits to people with the lowest incomes can get almost $4,000 worth of oil this year," said Sharon Willard of the Community Action Agency of New Haven.

The Connecticut Energy Marketers Association says roughly 20 percent of Connecticut's oil customers are not feeling the pinch because they locked in to a fixed rate contract which shields them from higher rates.

Tony Terzi is a reporter at FOX61 News. He can be reached at tterzi@fox61.com. Follow him on Facebook, Twitter and Instagram.


Have a story idea or something on your mind you want to share? We want to hear from you! Email us at newstips@fox61.com



Download the FOX61 News APP

iTunes: Click here to download

Google Play: Click here to download

Stream Live on ROKU: Add the channel from the ROKU store or by searching FOX61.

Steam Live on FIRE TV: Search ‘FOX61’ and click ‘Get’ to download.


Paid Advertisement

Before You Leave, Check This Out