Fegley Oil Company says prices could rise if Russia invades
Wondering how the crisis in Ukraine is affecting you? Pennsylvania oil company owner suggests prices could skyrocket if Russia attacks.
TAMAQUA, Pa. — The crisis in Eastern Europe could mean more pain at the pump. Despite Russian claims it has withdrawn troops from the Ukrainian border, according to US intelligence, this is not the case.
Thousands of miles away, Donald Fegley, president of the Fegley Oil Company in Tamaqua, is keeping a close eye on the situation and how it could hurt the economy.
“It’s already done,” he said. “If they invade, I think it will get worse.”
Although its supply has not been a problem, Fegley suggests that a Russian attack could cause the price of oil to rise dramatically.
“I think it’s just scary,” Fegley said. “That scares the markets and that’s what determines the price; the stock market. It’s all about that.”
That would add, he said, to Pennsylvania’s already high fuel costs.
This would mean Fegley Oil would have to pay more for each delivery and might have to charge more too.
Fegley said some residents are staying completely off the road.
“People are definitely driving less, we can see that at our pumps,” he said. “It must hit them in the wallet.”
A further rise in oil prices could send shivers down the spine of some homeowners.
Fegley said many are already struggling to afford more propane and fuel oil during the freezing winter months.
“Most of their budget has been eaten up with this higher price and very cold weather, so they’re starting to struggle now,” Fegley said. “Our regular automatic customers that we keep filled, we top them up, but everyone else, they wait until the last minute. When the weather is bad, we fall behind and often miss them.”
If you’re having trouble paying for propane or heating oil during the winter, there are programs that can help.
Visit the Pennsylvania LIHEAP website for more information.
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