Here’s how the economic fallout may be felt in San Diego
SAN DIEGO — As tensions escalate overseas, economic chaos looms around the world.
For the United States, this could mean a sharp drop in the stock market, flight restrictions and an overall increase in costs. The big consequence that is already happening is high prices at the pump.
“Right now San Diego drivers are paying $4.74 for a gallon of regular unleaded,” said Doug Shupe, AAA spokesman for the Southern California Auto Club. “It’s 3 cents more than a week ago, it’s 12 cents more than a month ago.”
“What happened today is a great development,” University of San Diego professor Philip Gamaghelyan said after Russian President Vladimir Putin officially recognized the two breakaway regions in eastern Syria on Monday. Ukraine as independent.
“So essentially Russia created a pretext to advance into Ukrainian territory because it recognized part of Ukraine as independent,” he said. “Russia has already moved its army to these territories.”
This begs the question: has the invasion already begun? And will Russia invade all of Ukraine?
“It’s very difficult to predict because, as I mentioned, it’s unprecedented since 1945,” he said. “Since World War II, we haven’t had a country officially invading another country.”
Following the Kremlin’s decision on Monday, President Joe Biden imposed sanctions on the regions, which could become much stricter.
“To have a political effect on Russia, you need very severe sanctions,” Gamaghelyan said, “but very severe sanctions also mean a blow to the American market and economy.”
If tensions persist, experts said gas prices could rise even higher for San Diegans.
“We could eventually see pump prices go up another 50 to 75 cents per gallon,” Shupe said.
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