Gas, grocery prices could spike if Russia invades Ukraine

Russia is the world's second largest producer of oil, and some experts say a conflict can send prices to over $100 a barrel

News 12 Staff

Feb 15, 2022, 10:15 AM

Updated 935 days ago

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Prices are already high and we could be paying even more for so many things if Russia invades Ukraine, including gas.
At one Long Island station, drivers are paying $4.19 for regular gas. Experts say if Russia invades Ukraine, it isn’t easy to export goods from a war zone.
Russia is the world's second largest producer of oil, and some experts say a conflict can send prices to over $100 a barrel.
Marshal Cohen, chief retail analyst at market research group NPD, says increased prices at gas stations can disrupt the whole supply chain.
“If gasoline prices go up, it costs more money to move food, it costs more money to deliver food, it costs more money to get farmers to supply us with the food,” Cohen says.
Foods prices can also go up because Russia is the top exporter of wheat and Ukraine produces wheat and corn as well.
AAA estimates in the last two weeks alone, gas prices have gone up 12 cents on Long Island.
Residents say they are also feeling the rise in high prices from inflation due to the pandemic.
“Where you turn around typically and spend $150 when you went shopping, now it’s about $200 to $225,” says Woodbury resident Ronald Steiger.
Cohen says the pressure will be on politicians to get the issue resolved.
He says it’s too soon to say how big the disruption will be, but that the demand can start to even out because of life switching gears to a new normal as the pandemic improves.