Posted by Samuel Pineda.
Sanctions have been introduced onto Russia in lieu of their invasion into Ukraine. The sanctions had been intended to disrupt the Russian economic (and political) sphere enough to encourage an end to the invasion. However, they have also brought negative consequences to the countries imposing them. The United States, for example, having temporarily cut ties with one of their biggest contributors in the fields of energy and oil, have felt a drastic impact.
At a national level, gas prices rose a staggering 23 cents, this increase had been reached within only a matter of days proceeding the implementation of the sanctions. Fox Business’ Daniella Genovese states, “Oil prices are set to post their strongest weekly gains since the middle of 2020, with U.S. crude up more than 22% and Brent at 16% after hitting their highest in a decade.” These are increases in oil prices that have not been witnessed in the U.S. since natural disasters such as that of Hurricane Katrina in 2005. Numerous states have been hit harder than others including California who was seeing prices north of $6 a gallon, and to a lesser extent New Jersey whose oil priced peaked to the highest that it has been since 2016. These numbers are only set to increase, over this period of time, as the invasion pursues and talks of peace continue to result in futility or postponement.
I believe that hurting the American pocket is going to cause massive support for peace or a look for another alternative. As sad as it is to say, for many Americans it was easier to not be as invested or hold care for the events taking place in Ukraine until it directly affected their day-to-day. Seeing as there is no easy solution to this issue (or even a foreseeable one at this point) I fear the unknown of negative consequences that may be underway. This current change affects me personally as I had already found it difficult to keep up with the steadily increasing oil prices. In hopes for the benefit of all parties involved I pray that the end of this feud arrives quickly.
Ukraine invasion: US gas prices jump as oil surges –
By Daniella Genovese, Fox Business
Samuel is an accounting major, Stillman School of Business, Seton Hall University, Class of 2025.