CORPUS CHRISTI, Texas — From gas prices to the stock market, the Russian invasion of Ukraine is already having a global impact.
An area professor spoke with 3News about the economic impacts the conflict is expecting to cause for area residents.
While the conflict in the Ukraine may seem like a far away conflict, the cost for Coastal Bend residents will come with a steep price to pay at the pump.
According to AAA Texas. the cost for a gallon of regular unleaded gasoline averages around $3.21 per gallon. The cost is still below the national average.
Texas A&M University-Corpus Christi Professor Jim Lee said that impact of the Ukraine crisis will be far reaching. With the invasion of the Ukraine, crude oil prices have surged to over $100 a barrel for the first time since 2014.
"Everybody is expecting gas prices to jump today, but then we already factored that event in," Lee said. "Obviously if this is going to deteriorate you are going to see more jumps in gasoline prices."
He adds that the impact waisted no time reaching the Coastal Bend and that residents can expect to pay higher prices at area gas stations.
"Its already here! it has already played out even in Corpus Christi, across the United States," Lee said. "The gas prices have already taken into account its here."
Lee said that the uncertainty of situation can also lead to inflation from energy sectors to commodities.
"In Europe they are a lot more concerned about natural gas. Russia is a big supplier of natural gas so we are talking about an energy crisis," said Lee.
He added that Russia and Ukraine are big exporters of wheat and corn.
"Wheat, corn, we supply our own, but we are affected by minerals, metals, aluminum, traded globally," Lee said. "There's a lot of far reaching implications in the global economy, we are so integrated."
While gas prices, and supply chains are being impacted, so is the stock market.
"The stock market doesn't like things that are not certain, right now cutting long term economic outlook by half for the rest of the year, we can expect low economic growth, even in the United States," Lee said. "Growth will be cut by half, because uncertainty is not good for anybody."
Lee said that as the situation plays out the financial situation effects of it could linger.
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