The Russia-Ukraine crisis has already helped lift oil and gasoline prices to levels unseen since 2014, with Chicago averaging nearly $4 a gallon.
In Chicago, a South Loop gas station charged $4.30 for a gallon of regular unleaded. In the city as a whole, the average is now $3.90 and rising, according to AAA.
Biden is bracing the public for just that, acknowledging on Tuesday that"defending freedom will have costs." "The problem is how Russia could react to some of the sanctions they are being hit with," said Patrick DeHaan of Gas Buddy."Russia could use oil as a weapon. They could threaten to cut off oil exports which could drive up the price dramatically."
Any disruption to Russia's oil flows would"easily" drive up crude prices to $120 a barrel, JPMorgan recently warned. Brent, the world benchmark, surged to $99.50 a barrel on Tuesday before backing off. "You don't necessarily think about, even your cell phone has probably materials that were sourced from potentially a mine in Russia," said Dr. Maciek Nowak, Dean Quinlan School of Business at Loyola University.
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