Americans fearful war in Ukraine will cause prolonged spike in prices, but consumer experts urge patience
NEW YORK -- The economic squeeze many Americans feel is likely to grow tighter, thanks to the war in Eastern Europe.
CBS2's Tony Aiello on Thursday spoke with some experts for a look at what to expect.
There is more pain at the pump, continued sticker shock at stores, and volatility on Wall Street. People are worried about the economic consequences of Russia's invasion of Ukraine.
"Oil prices will go up and the stocks have all gone down," Sharmila Kheny said.
"Like I tell my kids, they never have to worry because I worry for everyone," Judy Klein added.
Most experts say don't worry too much about short-term stock market volatility.
"Do not panic. We need to all remember that these things are only going to affect us in the short term. The markets in the United States are very, very resilient and they do bounce back, sometimes even rise higher after seeing a plunge like this," said Kristin Myers, editor of TheBalance.com.
Vladimir Putin's Russia is a major source of oil and food commodities for Europe. The war threatens to tighten supplies and boost inflation around the globe.
"We are going to see this level of high prices for a while, whether it's gas, whether it's oil, whether it's food. We are stuck with high prices, at least for a few more months," CBS News senior business analyst Jill Schlesinger said.
There could also be an impact on New York and New Jersey companies that export goods overseas. Ukraine is the 24th-ranked market for New Jersey commodities, while Russia is 25th-ranked for New York.
New York Sen. Kirsten Gillibrand told CBS2 that Americans understand there is a price to opposing Russian aggression.
"There may be some ups and downs in the weeks to come, but if the American people have patience and know we are doing the right thing to protect our country and our allies from future attacks by Russia, it's really important that we have patience and stick together," Gillibrand said.
