Fox 61’s Lindsey Kane interviewed our members Paula and Eddie Ryan with Ryan Oil Company in Hamden. We spoke about how the war in Ukraine was impacting oil and gasoline prices here at home, and how we can help those struggling to pay for their fuel.
- Question: How much has oil gone up? Chris: The price has been extremely volatile. Prices on the first day of the Ukraine invasion jumped 20 cents in the morning only to close the day up 4 cents. During the last 48 hours, we have seen multiple day prices changes that have resulted in more than 60 cent increase.
- Why is it going up? Chris: All energy sources tend to follow the price of crude oil. So, when crude hit $110, all energy products follow. Wall Street traders are driving these increases based on the fear that supply will be interrupted by the war in Ukraine.
- How much higher could we see it go? Chris: We do not have a crystal ball, but as long as crude oil prices go up you can count on prices increasing.
- What is your supply looking like? Chris: There is absolutely no supply issues. Our customers should have no concerns about getting a delivery when they need one.
- What are some of the issues this season if any? Chris: The only issues we typically have are weather related. When we get snow storms it delays deliveries but we always catch up in time. Our customers never go without fuel.
- Will people have trouble getting oil? Chris: Not at all – this is not a supply issue.
- Why are these troubles happening? Chris: It all started when changes in federal energy policy resulted in the The U.S. moving from a net exporter of oil to an importer of oil. Prior to the change in administrations, we were energy independent, and now we rely on Russia and OPEC to meet our energy needs.
- How much is this impacting households across the state? Chris: Inflation in general has eroded peoples buying power and high energy prices are really crushing low and middle income families. If someone is having problems paying for fuel they should call Infoline at 211 and seek help paying their heating bill through services like Operation Fuel and the state energy assistance program. We also offer budget programs to help our customers.
- Any guesses how much peoples bills are going up? Chris: Some customers locked in with contracts at the beginning of the heating season so they are not affected at all by what is going on. Other customers who got a delivery prior to this increase will not need another deliver for another month or two when prices may be lower. For people who need a delivery today they should be prepared for an increase.
- What’s important people in the community should do/or know? Chris: Don’t panic – there is plenty of fuel to get everyone through the winter and prices will eventually return to normal. Customers should always get their heating system tuned up annually. A heating system that is properly maintained can lower fuel usage by 5% or more.