Price Impact
Gas prices rose rapidly across the United States:
- National average jumped from $2.98 to $3.58/gallon — a 20% increase
- California prices exceeded $5/gallon
- Crude oil surged from ~$70 to over $110/barrel
- Economists estimated the gas price bump could push monthly inflation to 1% in March — the highest in four years
Consumer Impact
The Washington Post reported that the war is sending oil prices surging and spurring anxiety for the US economy, already grappling with a weakening labor market and tepid consumer confidence.
Sources: PBS News, Washington Post, CNBC