Worries about Russia invading Ukraine have sent oil prices surging. So now the United States is bracing for the economic ripple effect: soaring gas prices, even though the U.S. doesn't buy gas from Russia. Here is why.
"My administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump," President Joe Biden said on Tuesday.
And Professor Sharyn O'Halloran, who specializes in political economics and international and public affairs at Columbia University, agrees.RELATED — Ukraine-Russia Crisis: Cyberattacks could affect U.S. "We don't have that many trade relations with Russia, we don't get our gas from Russia," O'Halloran said. "However, we do trade with people who do get gas from Russia who will have to deal with an economic slowdown."RELATED — White House calls Russian troop deployments in eastern Ukraine an 'invasion'
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