All eyes right now are on what’s unfolding between Russia and Ukraine. Economists now warn the impact could hit your wallet in New York City, including gas prices.

A year ago today, AAA says gas prices in New York averaged at about $2.60 a gallon. Right now, the average gas price across the city according to AAA is $3.76 with prices ringing in lower in Brooklyn at $3.73 and even lower in the Bronx at $3.71.

Russia is considered the world's second largest producer of oil and a war could cut off the supply of its natural gas and oil to other countries like the U.S. who depend on it. Economist say the current national average for gas hit a seven year high Wednesday and an invasion or even sanctions that cut off the supply would send prices even higher.

Economist warn that higher oil and natural gas prices could also mean higher cost for airfare.