ATLANTA — On Tuesday President Biden announced Russian oil imports will be banned in the United States, sending gas prices even higher amidst a general rise since Russia launched a war in Ukraine.
But, what you might not realize is there's a lot more to think about than just gas.
About 60% of global oil consumption comes in the form of fuel and what's left goes toward a surprising amount of household products.
Here are a few of the items you could see increased prices for as a result of the ban:
- Anything made out of, or packaged in, plastic
- Things such as smart phones and TVs all have plastic parts. Meanwhile tires, foam seat cushions, and other parts for your car could also go up.
- The items in your cart at the grocery store
- Fossil fuels are used in industrial fertilizer, meaning you could start paying more for grain, meat, egg, and dairy products.
- Anything in your medicine cabinet
- Items such as burn ointment, cold and allergy pills, and even gummy vitamins are all made with oil.
Gas prices in the U.S. are the highest since 2014 due to multiple factors, including the conflict between Russia and Ukraine. Another issue affecting price inflation is the increasing demand for oil products.
Nearly every product is transported through cars, trucks, planes or ships. Gas, either regular or diesel, is always part of the process.
"The tentacles of higher oil prices are going to be in your grocery store. They're going to be at your convenience store, your coffee shop, your restaurant - everywhere you go," said Patrick De Haan, an expert with GasBuddy.
How long the U.S. and other countries target Russian oil supplies mostly depends on how long Russia continues to wage the war in Ukraine.