Gas prices continue to rise throughout Connecticut, inflicting pain on residents throughout the state.
According to data compiled by AAA, the state’s prices are above the national average, sitting at $3.75 per gallon. The number is an 8-cent increase from the previous week alone.
Staggeringly, the numbers have jumped more than 20 cents per gallon in just one month and almost $1 higher than the average price of the product one year ago.
Furthermore, the automobile-focused organization detailed that Russia’s invasion of Ukraine is heavily impacting the oil market. Crude oil is selling for close to $100 a barrel. According to the American Fuel & Petrochemical Manufacturers, the U.S. “imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia” in 2021.
“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” said Andrew Gross, AAA spokesperson. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”
Even some Democrats have raised concerns over the increase in prices. A group of federal lawmakers introduced a bill to suspend the federal gas tax through the end of the year.
The legislation, known as the Gas Prices Relief Act, would terminate the 18 cents per gallon gas tax that individuals pay, temporarily lowering the prices for consumers.
However, many Republicans argue President Joe Biden’s agenda, supported by congressional Democrats, has led to a spike in prices. Senator Joe Manchin (D-WV) echoed those concerns when announcing his opposition to Biden’s “Build Back Better” spending plan.
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