Connecticut drivers paid an extra $22 million for gasoline since early July as prices climbed during Trump’s war in Iran, a Connecticut Post analysis found
Statewide gas prices rose well above prewar levels, and diesel prices hit record highs
Goldman Sachs warned oil prices could climb further if the war continues
Connecticut drivers paid an extra $22 million for gasoline between July 8 and mid-September as prices climbed during President Donald Trump’s war in Iran, according to a Connecticut Post analysis.
The added cost averaged $5 per week, or about $20 per month, for a typical commuter, the Connecticut Post found. An estimated 1.5 million Connecticut residents commute each week.
The analysis used in-state gas prices and U.S. Census data on commuting patterns.
Gas prices continued to rise as fighting in the Middle East spread, most recently after strikes on Saudi Arabian oil production infrastructure. By mid-September, the added cost to Connecticut consumers reached nearly $1 million per day, the analysis found.
With statewide average gas prices up to $4.46 per gallon, up from $3.21 a year ago and from $2.91 shortly before the war started, further increases will hit consumers in their pockets. Just since July, gas prices are up 66 cents per gallon.
Diesel fuel prices are also setting new records at $6.31 per gallon nationally and $6.25 per gallon in-state, according to AAA.
With continued fighting expected to widen the breadth of the Iran War, there are concerns the financial pain for Americans is poised to get worse. According to CBS News, Goldman Sachs warned that global oil prices could surge over $120 per barrel from around $100-105 in mid-September if the war drags on, adding another 20% to fuel costs. Americans spent $100 billion more on fuel than expected since the start of the Iran War, the news source added.
If fighting in the Middle East stops, oil prices would likely fall to $80 to $85 per barrel, Goldman Sachs projected.
