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Louisiana to see effects from crisis in Ukraine
The crisis in Ukraine is halfway across the globe, but financial experts say we will feel the effects here. It all starts at the gas pump and spreads from there.
On Thursday, the national average gas price was $3.54 per gallon -- $0.01 higher than Wednesday. The cost of a barrel of oil was $100.00 -- $50.00 more than January.
"Terminals where gas tanker trucks fuel up have already raised their price to reflect that," said Patrick DeHaan, head of petroleum analysis for Gasbuddy.
Gasoline prices could increase anywhere from $0.05 to $0.15 per gallon due to the crisis in Ukraine.
"The increase will likely play out over the course of the next several days as stations are filling up with the pricier fuel. They likely will slowly raise their prices over the next one to weeks," DeHaan said.
"That's where you're going to feel it first," said Gregory Ricks, financial analyst and owner of Gregory Ricks & Associates Total Wealth Authority.
But Ricks says gas prices are only the beginning.
"Everything up. For your bread to get from the bakery to the store, it goes by truck," Ricks said.
The microchip industry could be affected more than others because of ongoing issues.
"Computers, cell phones -- it could be an impact depending on how far this goes, how bad it gets, which leads to how much disruption," Ricks said.
Gasbuddy, which tracks the price of gasoline, says drivers should expect to see the national average to go up to $4.00 a gallon in the coming weeks.
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