Price of sanctions on Russia to impact gas, food
PROVIDENCE, R.I. (WLNE)- The price of sanctions on Russia could soon be felt at the pumps, according to experts.
Diana Gugliotta, Senior Manager of Public Affairs for AAA, says gas prices will get worse before it gets better.
According to Gugliotta, “It is very possible Russia will choose to withhold oil from the global market in retaliation for these sanctions and that’s the fear driving the market up.”
In Rhode Island and Massachusetts the market is already up, with gas prices currently sitting at $3.34 a gallon.
This is up about a dollar from this time last year, and is not set to slow down any time soon.
“Its difficult to predict but when you look out about 10 months we feel that gasoline will probably continue to rise at least the first half of the year ad into the summer. were hoping for some relief into the fall and winter but its really time to consider how to conserve gasoline,” says Gugliotta.
“There are rumblings that the 18 cent federal gas tax might experience what they call a holiday. the gas tax hasn’t changed since the early 1990s but the government is looking for ways to help the average consumer,” continues Gugliotta.
“It is very possible this conflict could have a major impact on global food security because Ukraine in the past few years has been ramping up its agricultural production. So cereals, grains, wheat products, those sort of things,” says Channell-Justice.
The US and Europe are likely to see a large influx of Ukranians, especially if Putin decides to invade further.
“If there is a further invasion into the rest of the terriority of Ukraine, the other element of humanitarian crisis is that it will displace millions of Ukrainians to Europe and the us as well. the estimates i saw yesterday were something like 5 million Ukrainians could leave,” according to Channell-Justice.