TAMPA, Fla. (WFLA) — The Russian invasion in Ukraine has sparked concern around the world. In reaction, global stocks plunged overnight and oil prices surged, which could ultimately lead to higher gas and grocery prices.
Russia is one of the world’s largest producers of oil and natural gas. The conflict in Ukraine could in turn disrupt the flow of oil and send U.S. gas prices in a climb. Experts predicted a rise in prices at the pump as much as 30 cents per gallon.
Sanctions and counter-sanctions could also push those prices to all-time highs.
Consumers could also end up paying more for essentials at the grocery store, especially for wheat and grain. Russia and Ukraine together produce more than 25% of the world’s wheat exports, and nearly 20% of corn exports.
The crisis is also expected to draw wild swings in the markets as global investors worry over the developing conflict.
Earlier this week, President Joe Biden addressed the ongoing conflict promising to minimize the impacts in the U.S.
“I’m going to take robust action to make sure the pain of our sanctions is targeted at the Russian economy, not ours,” President Biden said. “We’re closely monitoring energy supplies for any disruption. We’re executing a plan in coordination with major oil producing consumers and producers.”
Experts said they hope the impacts are short-term but said it depends on a lot of unknowns as the conflict goes on.