CHARLOTTE, N.C. — Russia launched an attack on Ukraine Thursday, hitting major cities and bases with airstrikes in what Ukraine's government called a "full-scale war" that could have major impacts around the globe, including the United States.
Russian President Vladimir Putin announced the major military operation early Thursday morning and threatened any foreign country, including the U.S., with "consequences you have never seen" if they interfere with the invasion.
What kind of effects will Russia's actions in Ukraine have on the U.S.?
Let's connect the dots.
With Russian troops on the move into Ukraine, world oil prices are rising. Here's why. Russia produces 17% of the world's natural gas and 12% of its oil, making it one of the world's largest producers. And a lot of Russia's natural gas sales flow to Europe through pipelines in Ukraine.
According to AAA, the average price of gas in the U.S. is $3.54. That's up 21 cents from one month ago. In Charlotte, the average price per gallon is $3.47, up from $3.12 one month ago.
Experts say if President Joe Biden's economic sanctions against Russia attack energy exports, it will quickly escalate global gas and oil prices, which will increase inflation in the United States.
So how much will our gas prices go up?
It's tough to say right now. There are a lot of factors that go into the price at the pump like taxes and refining costs, but any rise in crude oil prices generally means more pain at the pump.
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