Erie, Pa. (WJET/WFXP/YourErie.com) — The Russian invasion can be felt in the United States and in Erie. Since Russia is one of the biggest exporters of oil, this hits our financial markets.
“They impact all of our financial markets just like everywhere else. As a matter of fact, the Russian market right now as we are taping is down 22% in one day. The last time we had this in domestic U.S. was 1987,” said Jim Keller, CFO of Roland Financial.
However, he says people should not panic as things will stabilize and get better.
Half a world away in Ukraine, we wanted to know how that affects us at home and at the gas pumps. AAA says the immediate impact of the invasion is the fact that crude oil prices spiked.
“When crude oil prices go up that drastically, there is an impact at the pump. It stands to reason that consumers should expect to see prices rising in the days ahead,” said Jim Garrity, AAA East Central Spokesperson.
Garrity says all eyes are on what happens with sanctions from here on.
“What happens next on the geopolitical side could have a very big impact on what happens with crude, then what happens with our gas prices here in America,” Garrity said.
Local company Logistics Plus has about 50 people in Ukraine doing IT work. Many are young and may stay and fight, but some may not be able to get out.
“We are going to try and safely. If they can go, we have offices in Bulgaria, Poland, Czech Republic, Germany and here in Erie. If people need to get away, then we will get them someplace safe,” said Jim Berlin, Founder and CEO of Logistics Plus, Inc.
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According to Jim Garrity, there is no reason to panic buy gasoline.