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.”
-
Caitlin Clark to join Cincinnati bid for National Women's Soccer League team
Major League Soccer's FC Cincinnati is trying to bring a women's pro team to the city. The club says Clark has joined in the effort.
IMPD officer charged after recording sexual acts in full uniform, voyeurism
An IMPD officer has been charged with voyeurism after allegedly recording sexual acts while in uniform with women without their consent to be on camera.
‘13 FIRES’: One family’s story of resilience amid turmoil along Indiana Avenue
“13 FIRES” by Curtis K. Rogers tells the story of one family's resiliency while living along Indiana Avenue in 1956.
Dominated by No.2 Ohio State for years, No. 5 Indiana has a chance for payback
If Indiana beats Ohio State and closes out the season with a win over Purdue, the Hoosiers will be in the Big Ten championship for the first time since the inception of the game in 2011.
