One impact of a potential Russian invasion into Ukraine could be higher gas prices, which are dependent on the global oil market. Russia is the third largest oil producer, and any disruption in supply would be felt also across the globe.
As the U.S. monitors the continued Russian buildup of troops on Ukraine’s border and President Joe Biden warns an invasion is “distinctly possible,” there is one potential impact that could be felt most clearly here at home: Higher gas prices.
in the world. While Russia mostly exports its oil to Europe, any disruption to the market and the world’s oil supply would be felt across the globe, experts say. “The role that Ukraine plays is primarily as a transit state through which Russian energy products can move,” said Gregory Brew, a Kissinger Fellow at Yale University who specializes in security studies and global affairs.on Russian oil, Brew said, could have an “immensely destabilizing effect in the short term” that could produce shortages in Europe and be felt in the U.S. as well.
But it’s unclear how much power the president or his administration has to alleviate rising prices, experts told Spectrum News. White House press secretary Jen Psaki on Wednesday also said that the administration had also been “in touch with allies and partners” to coordinate on the potential impact of a Russian invasion, “both for natural gas and oil prices on the market.”“In the short term, there would be an immediate impact on prices,” Brew said.for the rest of the year to bring down costs, but the legislation faces a rocky path ahead.
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