Rising gas prices, dwindling stock portfolios and the risk of cyber hacks are all things the U.S. could face in wake of Russian’s invasion of Ukraine.
Raleigh, N.C. — Rising gas prices, dwindling stock portfolios and the risk of cyber hacks are all obstacles everyday citizens in the U.S. could face in wake of Russian’s invasion of Ukraine. Duke University professor of public policy Bruce Jentleson believes there will be some measurable impact on daily life in the U.S. — where inflation and supply chain shortages were already creating complications as a result of factors like the coronavirus pandemic and some industries struggling to find enough employees to maintain businesses. «We will feel some effects,» said Jentleson during a video conference call on Thursday morning. «It’ll be less than Europeans feel, surely less than Ukrainians, but the world is interconnected in that way. In North Carolina and other states, drivers are already dealing with some of the highest gas prices in seven years. North Carolina State University economist Mike Walden says people should brace for those prices to go higher. «I think it could be as high as 50 cents a gallon… but I think it would be short lived,» said Waldon. But, Walden says he has a bigger concern — that the U.S. fuel supply could be hit in another war. «This is one of the things I fear, a full-fledged cyber war between the U.S. and Russia,» he said. But, experts warn that people shouldn’t run to the gas station to unnecessarily fill up. «I don’t think it’s going to be anything like 1973 during the OPEC embargo, but there will be some impact on people’s economic daily lives,» said Jentleson. On Thursday morning, the initial fallout began to take shape. «Part of the goal for the U.S. now is not so much long-term strategy, but a medium-term one,» Jentleson said. «Sanctions, military aid to make it costlier for Russia to maintain an occupation, diplomatic pressure from all sorts of directions, these are really parts of the strategy that aren’t going to give you results tomorrow but make a lot of sense to get to where you want to go.» Walden says he also worries about «a whole new kind of conflict» Russia could undertake. «The Russians could go further. We would retaliate, and I am not sure how that would play out,» said Walden. «That would be severely crippling to the U.S. economy.» Walden says how long the U.S. deals with the increase in gas prices depends on how long fighting goes on in Ukraine. «It could be short lived. But if Putin has something bigger in mind then this could be long lived,» he said.
