'The prices keep going up.' Invasion of Ukraine likely to lead to higher costs of some exports

Some experts say if gas prices keep going up, many people will change their driving behavior.

News 12 Staff

Feb 24, 2022, 11:34 PM

Updated 823 days ago

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Russia's invasion of Ukraine is happening thousands of miles away, but analysts say we will soon feel the impacts at home on Long Island.
Many Long Islanders have already been financially strained due to the high costs of groceries and gas, but the situation is expected to get worse as a result of the ongoing conflict.
"It's scary," Syosset resident Jody Dorf says. "The prices keep going up."
According to AAA, the average for a gallon of regular unleaded gasoline is way over $3 a gallon.
Some experts say if gas prices keep going up, many people will change their driving behavior.
Russia is one of the world's largest producers of crude oil.
"We'll probably start to see gas prices inching up very quickly probably close to $4 a gallon if not more," says LI Gas Retailers Association President Steve Wunderlich.
Mastic resident Albert Pirro Jr. says his family's budget went up from $400 a week to $700 for food and necessities.
Russia is also one of the world's largest exporters of wheat, and Ukraine is one of the top exporters of corn.
Both Ukraine and Russia are also big supplies of metals and other commodities.
"We're going to have supply interruptions," NPD Group chief retail analyst Marsal Cohen. "It won't be as broad-based as we saw with COVID. This will impact a lot of the Russian exports."
Thursday's invasion of Ukraine sent crude oil prices above $100 a barrel for the first time since 2014.


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