Tensions between Ukraine and Russia could impact U.S. economy, including rise in gas prices

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.

News 12 Staff

Feb 17, 2022, 11:14 AM

Updated 823 days ago

Share:

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.


More from News 12
1:10
Police: 1 man dead, another injured in Edenwald double shooting

Police: 1 man dead, another injured in Edenwald double shooting

1:43
Sun and clouds with July-like temperatures for NYC this week

Sun and clouds with July-like temperatures for NYC this week

1:30
Madison Square Boys & Girls Club alumni fight to find a buyer following closing announcement of Crotona Park location

Madison Square Boys & Girls Club alumni fight to find a buyer following closing announcement of Crotona Park location

1:43
‘Ride of Silence’ takes cyclists on ghost bike tour, honors victims of traffic accidents

‘Ride of Silence’ takes cyclists on ghost bike tour, honors victims of traffic accidents

1:00
FDNY firefighter injured during Bronx house fire released from hospital

FDNY firefighter injured during Bronx house fire released from hospital

1:42
Bronx Week: Festivities wrap up with parade and food festival

Bronx Week: Festivities wrap up with parade and food festival

0:51
FDNY responds to 2 overnight fires in the Bronx; 2 injured

FDNY responds to 2 overnight fires in the Bronx; 2 injured

1:52
FDNY: Portion of roof collapses onto sidewalk in Williamsburg

FDNY: Portion of roof collapses onto sidewalk in Williamsburg

1:39
NYPD: 2 armed robberies involving mopeds in Brooklyn believed to be connected

NYPD: 2 armed robberies involving mopeds in Brooklyn believed to be connected

1:45
 Missed swim lessons due to COVID-19 may be contributing to rise in child drownings

Missed swim lessons due to COVID-19 may be contributing to rise in child drownings

1:58
Brooklyn residents say there is an urgent need for more birth options in NYC

Brooklyn residents say there is an urgent need for more birth options in NYC

0:23
NYPD: Bullet grazes woman in Soundview; 3 suspects wanted for shooting

NYPD: Bullet grazes woman in Soundview; 3 suspects wanted for shooting

1:50
Al Quiñones Playground: Park renamed in honor of Longwood community activist

Al Quiñones Playground: Park renamed in honor of Longwood community activist

1:47
NYPD: 30-year-old man fatally shot, another injured in Brownsville

NYPD: 30-year-old man fatally shot, another injured in Brownsville

0:17
Authorities: George Washington Bridge climber in custody

Authorities: George Washington Bridge climber in custody

1:38
Cyclists pedal through Brooklyn during Haitian Flag Day Ride & Fête

Cyclists pedal through Brooklyn during Haitian Flag Day Ride & Fête

0:29
Grandparents Around the World hosts 14th annual Grandparents Ball

Grandparents Around the World hosts 14th annual Grandparents Ball

1:46
Somber ceremony in Bissel Garden reflects on the impacts, lives lost during COVID-19 pandemic

Somber ceremony in Bissel Garden reflects on the impacts, lives lost during COVID-19 pandemic

1:43
CDC urges people to get vaccinated amid resurgence of mpox

CDC urges people to get vaccinated amid resurgence of mpox

1:41
Andrea Navedo, Antwan ‘Amadeus’ Thompson among inductees into Bronx Walk of Fame

Andrea Navedo, Antwan ‘Amadeus’ Thompson among inductees into Bronx Walk of Fame