MOLINE, Ill. — The tension surrounding Russia and Ukraine is raising questions about the impacts it could have in the U.S. An economics professor in the Quad Cities said he believes the threat will cause a spike at the pump.
"I don't see anything good coming out of this in the short-run," Black Hawk College economics professor Dr. Paul Lockard said.
Lockard has taught for more than 30 years. He's concerned about the ripple effect an invasion could have on the national and local economy.
"I hope that they can have a diplomatic solution to this," Lockard said.
According to GasBuddy, this is the eighth-straight week the nation's average gas price has jumped.
"I worry … because when gas prices go up, it triggers recessions," Lockard said.
Gas prices rose just more than 3 cents from a week ago and stands at $3.52 per gallon as of Wednesday, Feb. 23.
"We would probably be talking about maybe $20-30 a barrel hit, and it could be even more dramatic," GasBuddy representative Patrick De Haan said.
This is already coming at a time when inflation is at its highest in decades.
"Everybody is spending more at the pump," Lockard said. "We have less to spend everywhere else. Sales go down and bad for everybody else."
Gas experts said the outcome of the conflict centers on the possible domino effect.
"Higher fuel expenses for trucking companies logistics, airlines are going to likely have to pass along higher jet fuel prices in the months ahead," De Haan said. "So it's all going to trickle down."
Lockard said that very well could be the case, as this raises concerns about oil supply and the economy's recovery.
"We've seen a lot of recessions preceded by high gas prices," Lockard said. "I'm hoping that's not going to happen."
Experts said it's still unclear what could come of the sanctions put on Russia. Lockard said he's hoping for calm.
President Joe Biden announced new sanctions against the company in charge of building Russia's Nord Stream gas pipeline.
Lockard said Russia is one of the world's top oil and gas suppliers, and Europe relies on the country for some of its natural gas supplies.