Crisis in Ukraine means financial implications for the Hudson Valley

The global oil supply chain is taking a huge hit, which means that the Hudson Valley will take a hit as well.

News 12 Staff

Feb 24, 2022, 10:22 PM

Updated 821 days ago

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The crisis in Ukraine is having some painful financial consequences in the Hudson Valley.
The global oil supply chain is taking a huge hit, which means that the Hudson Valley will take a hit as well.
Gas prices are already going up, and we can expect to see home heating oil and natural gas prices follow suit.
“Even though we don't directly import commodities from Russia or Ukraine, Russia does produce 10% of the world's global oil supply. So when you have that kind of disruption going offline, it eventually makes its way through the supply chain and means higher prices for us here in the U.S., whether that's oil, heating oil or gasoline - we're eventually going to feel it," says Caleb Silver, of Investopedia.
We can also expect huge increases at the grocery stores because Russia is the world's largest wheat exporter. It isn't just Russia - Ukraine also exports wheat, barley and corn.
Other exports out of Ukraine such as steel, coal, fuel and petroleum are expected to have similar issues.
“We are part of the global supply chain, whether we like it or not. So when something happens on the other side of the planet, it can affect us - especially on the prices we pay for the things we buy every single day," says Silver.


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