If you drive a car, you’ve likely noticed your wallet taking more of a hit at the gas station in the last few weeks. . That’s up a dollar a gallon from just a month ago.
“Markets were already tight. Buyers, traders, consumers of crude oil were already nervous about not enough supply driving up prices. And then you throw a war into the mix and the unpredictability of that,” Persily said. “The question becomes, do countries stop importing Russian crude? What will that do to supply? What will that do to prices?”the move would likely drive up gas prices.
“Freight costs are going to be moving up. If you’re a grocery store, the store will have to pay more to ship up its containers of groceries, and at some point that’s got to pass on to consumers. When you’re talking $120 oil there’s nothing that escapes it,” he said.
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