ARKANSAS (KNWA/KFTA) – Arkansans will feel the biggest impact of the invasion of Ukraine on their wallets.
Dr. Daniel Bennett, political science professor at John Brown University, said the economic impacts might not be felt overnight, but will be felt over the next several weeks.
“People here in Arkansas will see that affected in their retirement accounts, at least in the short term,” Bennett said. “This is also going to affect the price of gas which has already been increasing.”
Crude oil prices rose to about $100 a barrel, which is the highest they’ve been since 2014.
Bennett expects the stock market to continue to fluctuate throughout the instability. On Thursday, President Biden announced multiple sanctions on Russia. Bennett said it will be up to President Biden to show the American people how the economic impacts will be worth it in order to prevent further aggression from Russia.