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Gas prices to surge on Russian oil ban, how high could they go?

The owner of Noble Gas Inc. says prices could rise another 25-30%

HARTFORD, Conn — Here in the United States, the price of freedom has been paid in blood since the founding of the nation. Now, you’ll pay a price in dollars and cents at the gas pump to send Putin a message.

The war in Ukraine is having a direct impact on the price we pay at the pump. On Tuesday, President Biden announced a ban on Russian oil, which will strike at the heart of Russia’s economy. It will also surge prices in the United States.

RELATED: Connecticut drivers asked to look out for price gouging amid spike in gas prices

“We are banning all imports of Russian oil and gas and energy,” proclaimed President Biden. 

“This is part of the price that Americans are going to have to pay for democracy,” said Michael Frisbee, the Owner of Noble Gas Inc.

Are Connecticut drivers willing to pay that price?

“I would pay a little more at the pump just because of what’s going on in Russia. I don’t think that’s right,” said Wanda Cruz of Hartford

“I don’t want it to affect the Russian people who have no clue what’s really going on,” added  Adrienne Deschnow-Quarford of Durham.

So how high could the prices go? 

“I think another 25-30%,” remarked Frisbee.

AAA puts the average price for a gallon of regular at $4.35 / gallon in Connecticut, while GasBuddy says you can still fill up for $3.89 at the Mobil Station in Niantic

“It’s more money now than it was last year. Even $20 doesn’t take me that far,” said Cruz. 

“I’m only filling up a little bit here but I do have gas points for Stop & Shop,” said Deschnow-Quarford.

Connecticut also has what is known as a gross receipts tax of 8% on the total sale of gas. However, according to the American Petroleum Institute, that 8% is capped at $3.00 a gallon. They say charging 8% beyond that would constitute a violation of the price gouging statute.

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So if you are feeling powerless from the pain at the pump, there are tangible actions you can take to stretch a dollar. Enroll in a store loyalty card, pay with cash, use the eco function on your car and your GPS app, don’t let your vehicle idle, plan your trips and remove excess weight from your vehicle.

Credit: FOX61


Senator Richard Blumenthal has proposed legislation that would immediately cut gas by 18.4 cents/gallon and he sent a warning to fossil fuel profiteers. 

“Let’s suspend the federal gas tax…and in terms of price gouging there needs to be a crackdown,” said Sen. Blumenthal.

RELATED: Gas prices continue to surge as drivers seek some relief at the pump

Prices at the pump also indirectly affect the prices at the grocery store where trucks that run on diesel deliver those goods, and for electricity where generators operate on fossil fuel. A trickle-down impact as inflation continues to soar.

Matt Caron is a reporter at FOX61 News. He can be reached at mcaron@fox61.com. Follow him on Facebook, Twitter and Instagram.

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