Despite the war between Russia and Ukraine happening across the globe, Americans are starting to feel the financial impact on their wallets.
The pandemic led to higher rates of inflation, and that will only continue as the war moves forward.
Gas prices will see a continued increase as well, something people have already been dealing with.
How is the U.S. involved in the war between Russia and Ukraine?
One of the ways the United States has offered support to Ukraine as Russia continues to invade is by placing sanctions on Russia and providing weapons to the U.S.
Every time the U.S. offers their support to Ukraine there’s financial consequences.
How bad they are or how long they’ll last isn’t entirely clear.
Financial implications for involvement with Russia and Ukraine
The oil supply was already is distress, and now there’s an even bigger jump in prices for Americans at the gas pump.
The last few weeks have seen the fastest and highest increase.
Nationally, the average gas prices have hit $4.33.
It’s estimated that gas could reach as high as $4.50 in coming weeks, but the rapid rate of increase should slow.
A gallon of heating oil has jumped from $4.05 two weeks ago to $4.92 last week.
The U.S. depends on Russia for 7% of its oil supply.
This is all happening just as the U.S. was starting to recover economically from the pandemic.
Americans overall support Ukraine
Despite the financial consequences to backing Ukraine, recent polls show Americans favor the economic sanctions on Russia.
Part of that is no longer purchasing oil from Russia.
Both Republicans and Democrats equally agree that no longer purchasing oil is the best move.
Biden’s approval rating jumped from 34% to 45% following his handling of the Russian conflict.
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