How Russia Invading Ukraine Could Impact Prices Of Items Americans Use Every Day
PHILADELPHIA (CBS) -- You may be wondering, why do I need to pay attention to what's happening halfway across the world? We could see a number of things we use every day go up in price should Russia invade Ukraine.
As tensions rise between Russia and Ukraine, Americans could feel the impact.
"By no means do we know if there will be a major invasion. Only Putin knows what is on his mind," Rowan University history professor James Heinzen said.
Heinzen says a possible Russian invasion could prompt a spike in energy prices. This means even higher prices at the pump.
"With oil prices increasing, gas prices follow suit," AAA spokesperson Jana Tidwell said.
Tidwell says this will even affect the daily consumer.
"Think about all of the fuel it takes to bring all of the consumer goods to the grocery store, the drug store, the big box retailers, having things delivered to your home, the shipping, the delivery fees, the price of airline tickets with the jet fuel," Tidwell said.
Some other possibilities Heinzen mentioned include refugees fleeing Ukraine that could cause a humanitarian crisis, a drop in the stock markets affecting Americans' 401K, savings and pensions, and Russian cyber-attacks on American infrastructure like banks and electrical grids.
"Our security people are very good at protecting us from that, but the Russians are also really excellent at exploiting any weaknesses they find," Heinzen said.
With all this on the table, Heinzen says it's important not to panic.
"I have students who are concerned that there is going to be a real shooting war and a draft and massive involvement in a European war and that's not on the table," Heinzen said. "There are a lot of diplomats working behind the scenes to find some sort of solution to this and protect our interests. "