The United Nations says more than 1.5 million Ukrainian refugees have crossed into neighbouring countries in nearly two weeks as Russia continues its invasion — the fastest-growing refugee crisis in Europe since World War II.
Along with the humanitarian cost of Russia’s attacks on Ukraine, there are also massive consequences to our global economy that eventually trickle down to Georiga consumers. Especially at the pumps as crude oil prices rise.
Ukrainian President Volodymyr Zelensky is demanding tougher international sanctions, including the rejection of oil and petroleum products from Russia.
That’s as the national average for a gallon of gas in the U.S. is now 45 cents more than a week ago, 62 cents more than a month ago and $1.30 more than a year ago. AAA reports the U.S. average hasn’t been that high since the 2008 recession. Meanwhile, gas prices in metro Atlanta soared nearly 50 cents a gallon, compared to one week ago.
Professor Ray Hill is a senior lecturer at the Goizueta Business School at Emory University. Hill says he is not surprised about how quickly gas prices shot up over the weekend, and that Russia will never be completely shut out of the world oil market.
