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Science, Americas, Special Report
4 a gallon in the weeks or months to come. A key factor in how hard the conflict hits the economy will be how Russia responds to the U.S. President Biden outlined Tuesday afternoon. Mr. Biden moved to cut off two Russian banks, and the state's sovereign debt, from western financing, while individuals will also be targeted. Russia could retaliate by halting oil and natural gas exports, DeHaan said. That would put pressure on gasoline and natural-gas prices in the U.S., which have already spiked this year. The White House is considering another release from the Strategic Petroleum Reserve, the Washington Post reported Tuesday, and U.S. Although oil is Russia's most important export, both Russia and Ukraine are also large agricultural suppliers, sending wheat, rye, barley and other grains to Central Asia and the Middle East. Disruptions in commodities could send global food prices higher, putting pressure on U.S. Russia also produces just under half of the world's palladium and smaller portions of platinum and nickel - key elements in complex microchips that are used in "everything from electrical meters to sophisticated BMWs," said RSM Chief Economist Joe Brusuelas.
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