Russia-Ukraine Crisis

Bay Area Sees Impacts of Russian Oil Import Ban

NBC Universal, Inc.

You may want to keep those masks close by because one of the few ways to avoid paying the price at the pump is to switch to public transit.

But the price hikes coming with this new Russian oil ban won’t just mean pain at the pump. 

“It went from $3 to $5 or $6 now it’s really crazy,” said shopper Bryson Skeet. “As missionaries, we need to travel a lot. It affects us and everybody.”

These days, Ava Liu is sticking to the basics -- clothes for growing kids and a toy for her son’s birthday.

“He loves trucks,” said Liu. “I will give it to him next month.”

Professor Rober Chapman Wood said it won’t happen immediately, but the oil ban, and the Russian invasion could ultimately mean a price hike for almost everything we buy.

“Wheat from there is the big one. It affects animals,” said Chapman Wood. “It’s not a catastrophe but it could make our inflation worse.“

And he has a few suggestions, past revisiting your budget.

“People are able to combine trips,” said Chapman Wood. “Visit people who are closer in, take public transit.”

Wood said we have been through oil crises before such as in 1973 so he said it’s not the end of the world, but if you are starting to feel the pinch, you might want to take a look at your budget on where you can cut, because there’s no telling how long this will last.

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