CLEVELAND — While Americans aren't on the front lines, what's happening in Ukraine will likely have a backdoor effect on your wallet.
"Our economy is global, so we are going to be affected by changes in prices," explains Case Western Reserve University political science professor Elliot Posner.
Since Russia is a large exporter of oil, some of the biggest changes are expected at the gas pumps.
"$4 dollars a gallon. That is definitely a possibility for the national average by April or May," says Patrick DeHaan, head of petroleum analysis at GasBuddy.
Currently, the national average sits at $3.55. Here in Ohio and other Great Lakes states, expect prices to go up five or ten cents starting this evening. Those higher prices will also affect connected industries.
"Logistics, transporting goods, all of those prices will go up. Airline tickets could go up. The prices of anything delivered via truck. Goods to the grocery store; we’ll see an increase," DeHaan adds.
The stock market is also seeing volatility, which is normal when there's global uncertainty. But financial expert Elizabeth Scheiderer offered advice on Thursday, saying "remain invested and don't panic."
At this time, what's happening in Ukraine has no effect on most companies. What can effect companies most? Potential cyberattacks.
"The United States has the largest and the most technologically advanced economy in the world. But that also means we have the most points of attack," says Alex Stamos from Krebs Stamos Group.
The Department of Homeland Security warns that every organization in the United States is at risk. Here are some tips to prevent cyberattacks:
- Verify all remote uses access
- Use multifactor authentication
- Update your security software
- Monitor all foreign traffic from Ukraine
The U.S. may not directly be involved in war, but that doesn't mean you shouldn't be concerned.
"We’re not on the front line, but we’re part of a global economy," Posner adds.
The energy sector is the biggest factor in all of this. As DeHaan mentioned, $4 a gallon at the pumps by April is possible. The record is $4.10 set back in 2008. There are several variables in play, but we could easily surpass that.
More Coverage:
- 'We feel helpless': Northeast Ohioans from Ukraine express shock and worry as Russia invades country
- How is the invasion of Ukraine affecting US oil prices, markets?
- Cleveland, Cuyahoga County, Global Cleveland issue joint statement condemning Russian invasion of Ukraine
- Russia invades Ukraine on many fronts in 'brutal act of war'
- Ohio politicians react to Russian invasion of Ukraine