How the Ukraine crisis is already hitting Americans’ wallets

Exposing the Big Game's avatarThe Extinction Chronicles

BY IRINA IVANOVA

UPDATED ON: FEBRUARY 23, 2022 / 2:23 PM/ MONEYWATCH

https://www.cbsnews.com/embed/video/?v=f746059bc06f05a6cda52a86feaf3ed91645651000#vVgLb9s4Ev4rgoD6gEto62lJXhh3TpzsZR%2Bp0WxxwMWFQZGUzYteJ0p23NT%2F%2FWYo%2BZUU1wWKHpqGFDkczsw3L%2BbFpE1dlCndmqO6asSlycVaMmGOYKKeYMu8NNeSi8IcvZiyFpkyR48vZr0tkWZdcNiXHKbMsllAeUQSzh3i2SEjoSUoGQbcGgbUdxPPAtqsfP4gkjs8Mf1X%2Bev6M%2FxyZ79U21lxu%2Fjn7Be7bDz15F%2FzmyVQF5VcyvyGy1oWORxpFCyqtFninChCc05omkqhiMzKQgmSiw1RNGd4QJEiJ1WjlKSEKlKLXOlVoRhNaS2IzImgqhYVjE1VgEqXZi3rFFW7FxvjwMhouXODLqnMVW180FxNNNcTEMMkadJ0f%2FZj%2F6FvgGxGK1t32sjPWBZ5x8WgytjLZuxlM2Ru3LSyGTd72RjNi1wCwR8%2F%2BKJaZkLVNCvNkT30%2FKEzDC3XsizQt6loC4bjBsfP32gsUhDIckd%2BAAzS9jsHo4B%2FZHQpFDqQQtxXdV2q0XwwH7BYgajK7sNEwn21ZH1WZPPBqonnAzkfVPOBYznOfGDBf8edDxIvoglzBaF2CF4WuQGJqA2zJKae44jI4%2BF8UK%2BaLM6pTOeDoWc9u0MLJ2HEeGjF1I6cgAkv8W2ecFTNp9bQxjscl3QiZUWVy3ypSAy%2BnzdPFcAuGpXTuiARmCIKSMe5%2F%2B8SPXX1Vc3cH6iZ7YTWc%2BCAarFPh7btROEwGTIqgBHjgBoDJl6cBOK7VNtdmmUFOUFsPlbpmY6qTCFT9GmWLvuymA9oCXqtQR2dL%2BaDb8X3fNAxng%2BOSeaEf1kVvA8ZRu%2F0O%2BlbK3YfcBXYcZWq18Z0LMuP7MDxwXvBalotd6EJM%2B3r%2Fcxtwv2tzv%2F92qSoMlrDtbREI%2BoQmg%2BeSVaK5ccPvwFF88rYm83mXJbOyD8iC2o8pLpDXrBsjhKaKigNUA0k03UAnT2IHItGvk9s7ofECwQI4foeCcAvaRQHtpVEx2wNsqNUihzcj6WyxHS%2BkqKiFVtBBXpEMsxeytiTYdZ7vWa0Rz%2BBZ9JK5PUfKNc9zTAjXl89GPdI%2FPuRweGGq21L9fhVsjdrxvX%2BHrBuJ925Eq10X1XsEwSOKKUqOFxogx3AxrqG2WgUscxA8HajKSEOlDqYGS6bMAYrV2nBng5JVH1UonpoYsUqGQt%2BIFcloFlUe7qVeJ5MRUKbFP3LuoR%2Fpl69Oq660aXnX%2FoID%2BUIaLJpfy9SmT%2Bd%2BV2QWEHQX%2FeTTVZl%2FVzUEOd8PoDgtf%2FGlOTjF8jucBDnux5V%2BWbsO5Zr2z1GcRd%2F73pJSpfjd84VzVgMg8hYBYNK61IPevE%2FtR6g%2B8ABsh7HvW3OYMgbfYCKWvYyUVdj23Lc3vEuiNmkm79zJz8XxTIV08nd9cPkbrG2YH9d5ePHD5P76fvfP%2FXA2uV4ndHSxvvA9b2eOhF8XZ4Q%2F7QA5XIpwNT5AqJ1AUrNrGvr2g0mU%2BJY1x7xbm4DMrl1fHJ1c3V9ZQ%2Bnt6F%2F04P%2BCZAqMQQXEM1jbVOQ7p1zCz%2Bv4rm3XjZoLj3seurz%2BAWbMlEtlPwsdr0VROI3OJTYk8ExHHY9HavjFz3sem1TN35px10PeNeYg8YbEfdQQ6kWsARg6nHXe0kytYDoopna%2FWTqQKOZLuEINHjIKezoRmA%2Fc9QaEPuUlkaDj%2BkO4IfvC4T%2FAsG%2FQOgvEPgLhP0CQb9AyC8Q8AuE%2BwLBxoYR4IY4AbwvzdM7EHLg2X6O3kCOMgPoQLFHElYQeOxaEfoLDTzG4pnoCP75obcOAPt%2FygV0e3jmBP8rpWM1QvTRcK0boHCf8fPUFTCYwRm%2BwansGvTOHcxD8jY7lzBPOv29W%2BC5zjFgFVyj0751Cg166x66KThS7l8KO1iuK8qeIA1qVykyxYpK6DkUWeggfSscgn94baa%2BPwrMhrD0V0xh8JGrhaoXS5QNdWpXaLmgCM39fDA50DAUa81s%2B7CiTXPKG6Vatu8XVjR5XUnsRR8hq8cpyJpKPKFzKRBmzfMMS2BVb38VUJFMBwsb9YeuHXDb9yIvsh3Xpe7Q3H3Szkl1Xwtq12K5xTmsrQre1naRc31%2FVwQTQeumgkLJsG0W%2BHbqcAJBIY1jSTi%2BQDCsSgmTQ7F%2FXkHfwYo0FaztGA7HoH98xRuK%2BCs4pLrJaZxi6dBFiFbQlaZi0oC8Fb7IHk0%2FDBMnojERfhBi62mTGNQmzPb5kCfuMBZDXQ9Pj%2B5rqqxkTg25hkfKmp5Q6cceczzHTkRMoP8GzjxgJLYZJTHzWRw70L0m%2FCjTrImnoATaHxosYjnEcQzHHdk%2BPDuOZPtn0KrYGPVKGF0za0DIQddtwA9NK0H51ljJugYzGCBqBf1Wrv5ibKDOilqdcNtDkUOPVC%2B61UOgdNvHZ7FUU7FGEXV%2BXO4J0GMX%2BFLG8IXx9esVlv4hsat6NDPAbruhNVuhuXDnoUUWiE%2F22q2OPeYwKPhyLYw2QnU8axt7IQ%2F9kDES%2BCEnti0cEnF4QliWHSYipJYVW%2FsDXbt0dksqM4nR43U3vtev773gnT0eiqZib47GFTShsy4ltIC3%2BWiBjBZHox2esDNar7Rvtx11B92%2BUZU5pGcwBBEAR5FJhp0tZTVpcuDHCT6phNKN6oHj6%2FfJm5b5e28Ch9GtpnqF3WVroI4x1pn2rwOIKXLltNoeDzbq7cYd11tJYHERuhAkjkhaAKmbWOD%2FkW2Hnh0G0LN9ar2tA%2FD7tVrMjtw6c42%2Bn%2BveY6f7InPut1%2B%2BfDn6BNLOKmgoqu2HtrvAV3MnC25iG0CrJ4EhfJ0WDX9fLbWT2dbUtR3H9x3%2F9tYPImviRdbUm%2F59wosY%2FBdf5q%2BrkNmVIbOrQ%2BeF88%2FXIUi%2F9LzqnHLatWqd2xWDT9BUNhkKgx2MTE%2B2O1VFjlkFn6HIJRNc0lmhdBLpckAKOa1LOj%2Fc6XXp%2BeYtP%2FY1utv9Fw%3D%3D

Although many Americans may prefer that the U.S.stay outof the conflict between Russia and Ukraine, the brewing violence and political fallout are already hurting their wallets. Gasoline prices, which havehit eight-year highs, could surge even further if the hostilities escalate or if U.S. lawmakers passanother round of sanctions.

The economic impact could also move beyond the gas pump, Wall Street analysts warn. Sanctions or export controls against Russia could make current semiconductor shortages even worse, while restrictions on wheat or metals could drive the fiercest bout of inflation in decades to climb even higher.

“Shock waves across America”

Russia is a major exporter of crude oil, accounting for about 12% of the world’s supply. Any disruption to those exports is likely to drive prices at the pump higher for consumers, experts…

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