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.”
-
Craft breweries from across the country come to Indianapolis for convention
The Indiana Convention Center is now the epicenter of America's craft brewery boom. Thousands of brewers are meeting to discuss how to keep the industry growing.
Central Indiana county hoping to lead the way in addressing childcare shortage
Local business leaders and childcare providers are coming together to address the crisis, citing costs and workforce shortages as major barriers to meeting families' needs.
Indiana law offers tax credits to film industry, aims to boost local productions
The law grants a $250,000 tax credit to filmmakers who shoot a film in Indiana. However, those who advocated for this law caution that there are significant restrictions.
City of Indianapolis plans new roundabout on southeast side
In February, INDOT announced its plan for four new roundabouts that are set to come to Muncie and various ones popping up around Hamilton County.
