COLUMBIA, S.C. — Experts say the Russian invasion of Ukraine could eventually mean higher prices across South Carolina.
Some analysts believe gas prices could be affected the most, with prices rising over the coming days and weeks.
The hit to our hip pockets is closer than you think. Russia is a major exporter of crude oil, accounting for about 12% of the world's supply.
Carl Blackstone with the Columbia Chamber says disruptions to those exports is likely to push prices upwards at the pump.
"The biggest thing hitting consumers is gas prices," Blackstone said. "It's the first time since 2014 that oil has reached $100 a barrel."
A key factor in how hard the conflict hits the economy will be how Russia responds to the U.S. sanctions that President Biden outlined Tuesday. Biden moved to cut off two Russian banks and the state's sovereign debt, from western financing, while individuals will also be targeted.
Exports say Russia could retaliate by halting oil and natural gas exports. That would put pressure on gasoline and natural-gas prices in the U.S., which have already spiked this year.
"It not only takes more money to fill your car up, but deliveries are going to cost more … to get goods and services back and forwards is going to cost more. Its going to impact consumers twice," Blackstone said.
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Additionally, the conflict is yet another hit to the supply chain crisis, increasing commodity prices, such as lumber.
John Evans, who exports lumber to Europe, says he's paying more for fuel and freight, a cost he is having to pass on to the consumer.
"The biggest impact we see is the uncertainty that is going to happen in the world," Evans said. "With lumber on the water, with a two or three, or four week transit time, you worry they may cancel an order, and you have to bring it back and pay exorbitant freight."
"In the coming weeks, its going to be harder to get those goods and services to the manufacturers," Blackstone warned.