Russia invasion of Ukraine affecting gas prices, exports
(KYMA, KECY/CBS) - The average price of gas per gallon has reached $4, which is the highest it's been in over ten years. Prices aren't expected to go down any time soon due to Russia's ongoing attacks on Ukraine.
Southern California is facing its own milestone as its price average of has is over $5 a gallon and some places are looking at $6.
An economist in UCLA says the war in Ukraine is partly to blame and gas prices may not see a decline for another six months.
However, the war may also be affecting exports from both Russia and Ukraine.
"We're seeing big supply shocks. We're seeing oil prices go up. We're seeing wheat prices go up. Ukraine is the breadbasket of Europe, right? And so there is a lot of concern that this is going to make up an inflationary problem even worse," says economist Leo Feler.
About a third of wheat exports come from the two countries and a halt in those exports may see a rise in prices for cereal and bread.
