What’s the deal with gas prices? Will it get better?

Experts discuss the effect of the war in Ukraine on oil prices.
Experts discuss the effect of the war in Ukraine on oil prices.
Published: Mar. 7, 2022 at 9:09 PM EST
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FORT WAYNE, Ind. (WPTA) - The war in Ukraine is demonstrating how interconnected the global economy really is. As Russia shells neighborhoods in Ukrainian cities, global oil markets are spinning. It may seem cold and callous to worry about oil prices when civilians are dying in the invasion, but ignoring the economic ramifications of war is to miss an important story that hits everyone in their wallets.

ABC21 News at 7 spoke with oil experts to understand the market forces at work.

If you’d like to help Ukrainians, here’s a list of vetted charities.

A discussion about oil without mentioning its drastic effect on our environment would be irresponsible. The use of fossil fuels is the largest contributor to carbon emissions. Those emissions are causing our planet to warm much faster than it normally would. If carbon emissions don’t begin to fall quickly, which scientists agree requires us to ditch oil and gas, the environment will be irreversibly damaged. Humans will be greatly affected too.

Experts discuss the effect of the war in Ukraine on oil prices.

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