MADISON, Wis. — The conflict in Ukraine is already having an impact on Americans’ personal finances, and one professor from the University of Wisconsin-Madison said things will likely get worse in the short term.
In an interview Thursday, Wisconsin School of Business Professor Moses Altsech said he believes gas prices will hit $4 per gallon in Wisconsin in the wake of Russia’s invasion of its eastern European neighbor.
Altsech stopped short of offering a prediction of just how high prices could climb but stressed the U.S. has survived previous spikes in fuel prices and come out better in the long term.
“Quite frankly, the more severe the U.S. response to Russia is and the world’s response to Russia is in terms of sanctions, the more severe the consequences to us are going to be too,” he said. “Sometimes, quite frankly, $4 a gallon at the pump is for me is the price you pay to (stand) up to thugs who want to conquer the world.”
The U.S. has a number of options to help minimize how high gas prices rise, including utilizing strategic reserves and ramping up domestic oil production.
WATCH BELOW: How the Russia-Ukraine conflict could affect your finances
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