The New Normal: How will the Russian invasion of Ukraine impact the US economy?
News 12's Erin Colton spoke with CPA and economic development consultant Marty Cantor about how the crisis between Russia and Ukraine will impact the U.S. economy.
Russia is the second biggest exporter of crude oil and the world's largest natural gas exporter. The price of oil has topped $105 a barrel— the highest it’s been in eight years.
This invasion would likely lead U.S. gasoline prices above $4 per gallon in the next few months. When could we be seeing an even more significant impact on gas prices because of the attack? Cantor says our nation is already feeling the effects.
Cantor says the U.S. is part of the global economy, so crises that take place in other countries will still be felt in our nation.
How will the crisis influence the U.S. supply chain and consumer prices, which have already been battered by the pandemic?
The Federal Reserve is expected to increase rates next month. How will this be impacted by the invasion?