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.”
-
New family center helps mothers in recovery stay with their children
An Indianapolis recovery center is expanding to allow mothers battling addiction to stay with their children during treatment.
How Noblesville Police Chief John Mann used connection to change a community
Last summer, Noblesville was named one of the 12 safest suburbs in America. Many in Hamilton County say it's thanks to a chief of police who will retire next month.
How Jumpstart Indy is training the next generation of real estate developers
Jumpstart Indy, run in partnership with the Martindale-Brightwood Community Development Corporation, offers a free program to mentor and train aspiring real estate developers.
Indiana Fever breaks ground on $78 million sports performance center
The Indiana Fever held a ceremonial groundbreaking Thursday for its new sports performance center, marking a turning point for the franchise and the future of women's basketball facilities.
