- Connecticut's average retail diesel price hit a record high this week, approaching $6.48 per gallon on Wednesday and slightly increasing on Thursday, marking a 71% increase from $3.78 a year ago.
- The national average diesel price reached a record of $6.53 per gallon on Tuesday and was $6.51 on Thursday, compared to $3.69 a year ago.
- Fuel distributors have warned that the issues affecting diesel prices are far from resolved, with home heating oil prices rising 50% in just three months.
- Diesel and related fuel stocks are reported to be about 12% below the seasonal average, according to the U.S. Energy Information Administration.
- One year ago, the average diesel price in Connecticut was $3.78 per gallon, highlighting the significant increase in prices over the past year.
- The state Department of Social Services projects that qualifying households will receive $1,995 this winter, which is 33% less than the maximum grant of $2,980 provided in the 2019-20 winter.
Diesel prices in Connecticut have reached a staggering $6.48 per gallon, marking a 71% increase from last year. This surge is attributed to ongoing geopolitical conflicts, particularly between the U.S. and Iran, and Russia's war in Ukraine, which disrupt petroleum production and exports.1
Chris Herb, president and CEO of the Connecticut Energy Marketers Association, expressed grave concerns, stating, “There’s no limit to how high [prices] could go if these wars continue.” He noted that the autumn harvest season further complicates the situation, as farmers require diesel fuel for their equipment.
The U.S. Energy Information Administration reported that diesel stocks are currently 12% below the seasonal average, indicating potential supply shortages in the coming months. Herb warned that these conditions could persist, especially if the government imposes restrictions on fuel exports to safeguard domestic supplies.4
Additionally, home heating oil prices have also surged, averaging $5.91 per gallon, a 50% increase from earlier this year. This poses a significant challenge for low-to-moderate income households relying on the Connecticut Energy Assistance Program, which is projected to provide $1,995 this winter, down 33% from previous years.
John Blair, president of the Motor Transport Association of Connecticut, highlighted the broader economic impact, stating that rising diesel prices are a “grave concern” for the trucking industry, which ultimately affects consumer prices across various sectors.
“Home heating oil, chemically similar to diesel, is up 50% in three months to $5.91 per gallon, straining low-income households. The state projects qualifying families will receive $1,995 this winter, down 33% from the 2019-20 maximum grant, as demand for aid grows.”
Connecticut Public
CT Mirror
