HAMDEN, Conn. — Global crude oil and natural gas prices are soaring. Crude oil is near 115 dollars per barrel, the prices per gallon in Connecticut are not only increasing by the day, but by the minute.
"The prices are going out of control but it’s not time to panic," said Eddie Ryan, owner of Ryan Oil in Hamden.
Before the oil delivery trucks could leave Hamden on Thursday morning, the price per gallon already increased.
"Yesterday it was $.30 cheaper than what it is right now, today and as of right now, it’s going back up," said Paula Ryan, owner of Ryan Oil.
"Your truck pulls up to fill up oil and by the time you leave, it might be higher than the time you got there. It’s moving really fast and multiple times a day and unfortunately, there’s not a lot of relief in sight," said Chris Herb, President of Connecticut Energy Marketers Association.
The price increase comes as panic soars about possible supply issues because of the Russian invasion of Ukraine. While the United States is considered the world's leading oil producer, Russia is often in second place, sometimes moving to third due to Saudi Arabia's production.
"It’s adding fuel to the fire pushing up the cost of home heating oil and natural gas and other energy products. This is just a crushing blow to family budgets right now," said Herb.
But despite the rising costs and supply concerns, Ryan says there is plenty of oil to serve their two thousand customers.
"The supply is here we have no concerns about running out of oil and getting it to our customers so our customers should be secure and knowing that we will get them the product if they need it," said Ryan.
Ryan Oil also works with Operation Fuel, an organization that helps families that may be struggling with utility bills or energy costs with financial assistance. The program serves around 14,000 families every year.
"There’s many, many people that are living cold and we want to prevent that, we want people to have a warm and safe home," said Dana Barcellos-Allen, the Director of Marketing and Development for Operation Fuel. "Please understand there is help out there, there are kind and generous people who have made these dollars available to help people who need it."
People who think they qualify for financial assistance for their utility or energy bills can learn more here.
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