How the Ukraine crisis is already hitting Americans' wallets
CBSN
Although many Americans may prefer that the U.S. stay out of the conflict between Russia and Ukraine, the brewing violence and political fallout are already hurting their wallets. Gasoline prices, which have hit eight-year highs — could surge even further if the hostilities escalate or if U.S. lawmakers pass another 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.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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