Ukraine turmoil impacts Michigan economy

While the Russia-Ukraine war is taking place across the Atlantic Ocean, the economical effects of it are being felt in the United States. 

Russia is one of the world’s largest exporters of oil and natural gas, particularly to

Europe, and the Russian invasion on Ukraine puts a major hold on many supply chains and imports. 

One of the courses that Pozo teaches is called “Hotspots in global affairs”, which was recently assigned  from a World Affairs Council lecture by Fiona Hill, a former intelligence officer for Russia and Eurasia. Tommy Jelsomeno, a student at Western Michigan University studying global and international relations, said, “Especially with a lot of gas coming from both Russia and Ukraine, I think we’ll definitely see some domestic changes.”

Chart showing national average gas prices from one year ago and today. Information collected from GasBuddy Credit: Sarah Marilyn

“That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”

According to GasBuddy the best days to fuel up are Friday and Monday.