Threat of Ukraine invasion by Russia could affect Houston-area gas prices
HOUSTON - President Joe Biden warned Russia against what he says could be a "bloody, destructive war." Tensions are rising, and it could be affecting us locally at the pump.
"An invasion remains distinctly possible. That’s why I have asked several times that all Americans in Ukraine leave now before it is too late to leave safely," said President Joe Biden when addressing the nation on what seems to be an escalating situation.
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While Russian President Vladimir Putin says he’s withdrawn troops from the Ukranian border, it hasn’t been verified, according to Biden.
It’s a threatening situation, according to Richard Sindelar, who worked in the US Department of State Foreign Service for more than two decades.
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"The thing that worries me more are the maneuvers in Belarus. Those seem to be, from videos I see, live-fire maneuvers," said Sindelar.
For some perspective, Belarus borders Ukraine and Russia.
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If an invasion occurs, it could disrupt Russia’s oil supply and distribution.
"A couple of the alternatives would be quiet chats with the Saudis to up their amount. The Nigerians are always looking for more money and up their amount. Biden can tap into the strategic reserves as well," said Sindelar. "You would see higher gas prices until the market re-stabilizes, because once something gets cut off and stock market just reacts to any little twinge in the economy, it will definitely spiral upward. I would expect it to dampen back down because we will probably be really good at taping those other sources and stabilizing."
Biden did say that they are taking active steps to elevate the pressure on our energy markets to offset rising prices.
He also said he will not send American servicemen to fight in Ukraine. They have supplied the Ukrainian military equipment to help them defend themselves.