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Crisis in Ukraine could have an impact locally

U.S. announced sanctions against Russia Tuesday
Posted at 7:44 PM, Feb 22, 2022
and last updated 2022-02-22 19:44:02-05

(WTXL) — The United States announced financial sanctions against Russia in relation to Russia's aggression towards Ukraine on Tuesday.

Those economic sanctions could have an impact right here at home.

AAA says the tensions between Russia and the Ukraine could mean gas prices go even higher here.

Oil used for gas is based on a global supply and there's the chance those sanctions could limit Russia's role in the supply chain.

"It all comes down to global supply and demand there's not quite as much oil out there in the market, as it was before the pandemic," Mark Jenkins of AAA said.

"So we're in a tight supply where the market is very tight in terms of supplies and if there are sanctions that limit Russia's ability to put oil into the market, then that means that this supply market, which is already tight, only gets tighter and that drives up the price."

AAA says that all depends on if the price of oil is impacted by the supply changes.