The start of the Russian military’ invasion of neighboring Ukraine stunned many people this week. This decision will have major ramifications, not only for Ukrainians.
When Americans get to the gas station, the invasion and the sanctions that follow will almost certainly hit them hard.
The price of oil has reportedly risen to its highest level in seven years, with worldwide benchmark Brent crude costing more than $105 a barrel.
Tamas Varga, a senior analyst at PVM Oil Associates, was quoted by CNBC on Thursday as saying that the price rise might last for a long time.
“At this point, it’s unclear what will bring Russian President Vladimir Putin to his senses,” Varga added. “As a result, the scenario, equity, and oil markets will stay unpredictable.”
“Even if prices drop below $100/bbl due to easing tensions in Eastern Europe, the correction may be short-lived, and product scarcity may keep oil prices elevated for months,” he added.
During a speech on Tuesday, President Joe Biden recognized that tackling Russia will cause some economic disruption.
Fox News presenter Tucker Carlson, on the other hand, has questioned if the Biden administration will be able to safeguard Americans from the implications of anti-Russian sanctions.
He pointed out that everything you buy will become considerably more expensive, from the food you eat to the car you drive to the tickets you’ll need to take your family on vacation this summer, assuming you can afford it.