A Russian invasion of Ukraine could mean higher gas and oil prices.

Russia accounts for 10% of all the world's oil supply and they would likely pull their oil as retaliation for any economic sanctions against them. That means higher gas prices for us, possibly four dollars a gallon locally in a month or two.

While a Russian invasion could be catastrophic for the Ukrainian people, experts say it will also mean higher energy prices and potentially higher inflation for Americans.
When the price of gasoline goes up so does the cost of goods and services and we are already seeing higher gas prices as more people are traveling, now that covid numbers have dropped.

"Unfortunately motorists can expect gas prices to go up due to seasonal changes mainly the changeover to summer gasoline in the coming weeks ahead. Demand for gas is going to go up for warmer weather and spring travel and refineries are doing maintenance right now," said Patrick DeHaan of Gasbuddy.com.

Already facing staggering inflation numbers, the Biden administration does have choices to combat higher gas prices.
Experts point to the potential of opening up federal lands for oil and gas exploration and revisiting opening pipelines like the Keystone XL pipeline. But those are long term fixes and won't help short-term.

"Short term? I've heard rumblings of getting rid of federal gas tax and putting pressure on states to lower their state gas tax as well," said Dr. Robert Badowski, Chair of Westminster College School of Business.

Right now we pay a tax of 38.5 cents in Ohio plus another 18.3 cents to the feds for every gallon of gas.