(WTNH) – The price of gas continues to skyrocket. Connecticut is inching closer to the $4 per gallon mark in just one day. The average price per gallon went up nearly a dime and prices are 16 cents higher than last week and 31 cents more than one month ago.
At a gas station in Hamden, a gallon of regular gas is up to $3.99, but what’s behind the spike? Is it a supply chain issue or the war in Ukraine?
“The war is to blame, but we don’t have any supply issues right now,” said Chris Herb.
Chris Herb is president of Connecticut’s Energy Marketers Association. He believes the suits on Wall Street are to blame for high gas prices.
“What this is, is a Wall Street driven fear premium. People are paying for Wall Street who are concerned that supply may be interrupted in the future,” Herb said.
A fear that’s creating manic at the pumps. Right now, prices are changing daily and typically set the day before business, but not anymore.
“For instance, yesterday there were three price moves during the day. Our members haven’t seen that type of volatility in years,” Herb said.
At Ryan Oil Company in Hamden, the story is pretty much the same.
“We’ve seen a forty cent increase between yesterday morning and this morning. We have no control over it,” said Paula Ryan, owner of Ryan Oil.
There’s no end in sight. According to economists, crude is up 45 percent year to date, but say this problem started before the war in Ukraine.
“That’s because the economy has been growing. People are back to work. We have production back in force, except for some COVID setbacks,” said Leah Hartman, University of New Haven Distinguished Lecturer of Finance.
If you’re in need of help paying you’re heating bill, call 211 and operators can help determine if you’re eligible for Operation Fuel or the Connecticut Energy Assistance Program.