INDIANAPOLIS — As tensions continue to escalate in Ukraine, thousands of miles away, it's affecting us here in the United States.
According to gasbuddy.com, the cheapest price for a gallon of regular gasoline in the Indianapolis area is $3.19 a gallon.
The average price across the city at $3.35, according to AAA.
President Biden addressed the rising tensions between Russia and Ukraine Tuesday afternoon.
MORE | West hits back with sanctions for Russia's Ukraine actions
Biden said he will take steps to make sure the sanctions currently in effect against Russia don't raise gas and oil prices even more.
However, according to IU Bloomington International Studies Professor Michael De Groot, Russia has such a large energy market that sanctions are bound to be felt here in the U.S.
“The reality is the energy markets are out of the control of anyone's power,” said De Groot. “So, while the government may make policies intended to encourage expanded supply, I think there is a limit to what can be done.”
Along with gas prices rising, the crisis is also hitting our financial markets and impacting retirement savings.
MORE | Daily flight to Toronto to resume at Indianapolis International Airport
On Tuesday, The Dow Jones dropped nearly 500 points and The Nasdaq and SP 500 dropped 1 percent.
De Groot says anytime there's a potential military conflict, markets react negatively.
“There is inevitably going to be backlash there is going to be reverberation in the sanctions,” said De Groot. “I think generally we should remember we are unfortunately in the middle of a pandemic, and there is a weak economic recovery.”
-
'It's detrimental': Indy TikTok creators share concerns about potential ban
A law banning TikTok in the United States could go into effect as soon as this weekend. Indy-based content creators will likely have to find alternatives in the near future.
IMPD, ATF teaches Indy sixth graders to avoid violence
The G.R.E.A.T (Gang Resistance and Education Training Program) works with Indy 6th graders for 13 weeks to teach conflict resolution, anger management, and other important life skills.
Indy organizations see increase in domestic violence calls for help
Domestic violence continues to be a problem for families across Indianapolis. Data shows it's on the rise this year.
IU Police warns students after man impersonates rideshare service
Indiana University Police investigated two suspicious incidents around campus, both of which involved men in cars acting inappropriately toward female students.
