INDIANAPOLIS — As tensions continue to escalate in Ukraine, thousands of miles away, it's affecting us here in the United States.
According to gasbuddy.com, the cheapest price for a gallon of regular gasoline in the Indianapolis area is $3.19 a gallon.
The average price across the city at $3.35, according to AAA.
President Biden addressed the rising tensions between Russia and Ukraine Tuesday afternoon.
MORE | West hits back with sanctions for Russia's Ukraine actions
Biden said he will take steps to make sure the sanctions currently in effect against Russia don't raise gas and oil prices even more.
However, according to IU Bloomington International Studies Professor Michael De Groot, Russia has such a large energy market that sanctions are bound to be felt here in the U.S.
“The reality is the energy markets are out of the control of anyone's power,” said De Groot. “So, while the government may make policies intended to encourage expanded supply, I think there is a limit to what can be done.”
Along with gas prices rising, the crisis is also hitting our financial markets and impacting retirement savings.
MORE | Daily flight to Toronto to resume at Indianapolis International Airport
On Tuesday, The Dow Jones dropped nearly 500 points and The Nasdaq and SP 500 dropped 1 percent.
De Groot says anytime there's a potential military conflict, markets react negatively.
“There is inevitably going to be backlash there is going to be reverberation in the sanctions,” said De Groot. “I think generally we should remember we are unfortunately in the middle of a pandemic, and there is a weak economic recovery.”
-
Indianapolis organizations give food to families ahead of the holidays
The Bridge Indy gave out turkeys, hams, sides, and seasonings to around 300 families on Tuesday night. They will have four more food giveaways leading up to Thanksgiving.
Senate Minority Lead Greg Taylor addresses colleagues at Organization Day
Inside the chamber, it was business as usual during Organization Day. Outside, one organization advocated for lawmakers to change a criminal law.
Road Safety Audit highlights crashes at northeast Indy intersection
More than 90 crashes at the intersection of Binford Blvd and Kessler Blvd have city leaders searching for potential changes.
Racist flyers found scattered around Hamilton County
Numerous neighbors are taking action after dozens of racist flyers threatening deportation were found scattered across roads in Hamilton County.
