Houston-area gas and food prices could rise as the conflict between Russia and Ukraine escalates, experts warn.
President Biden has announced new sanctions against Russia for its invasion of Ukraine, and oil prices surged above $100 per barrel this morning in response, adding pressure on a global economy already suffering high inflation.
Brent crude, the global benchmark, rose 8.5% to jump to $105.40 per barrel early today. Brent last traded above $100 in 2014.
Houstonians were paying an average of $3.19 per gallon of gasoline yesterday, but experts warn that could soon rise since Russia, the world's third-largest producer of oil, exports 4.5 million barrels daily.
Moreover, about 30 percent of the world’s wheat comes from Russia and Ukraine, and supply disruptions could force food prices up by about 10 percent. Russia also exports tons of fertilizer components, the loss of which could also result in higher food prices.
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