Will Russia's attack on Ukraine push gas and food prices even higher?
Gasoline prices depend on global supply and demand, which has been out of whack since the pandemic started. California drivers pay a premium for special blends.More supply-chain disruptions, affecting the distribution of gas and wheat across Europe, for example., which some experts predict may now become more frequent, could also worsen problems with global supply chains. That would drive food prices up.
“Any significant disruption to that would have to be made up somewhere else,” he said, adding that the tight market would have trouble finding a replacement. The demand for petrochemicals used in medical products and packaging rose to the highest level since 1965, according to the petroleum institute. The demand for truck fuel was significantly higher than its pre-pandemic level as well.Californians could feel the bite of higher crude prices even more. Gas prices here are well above those in the rest of the country — the current average price in the state, about $4.77 a gallon, is about $1.20 more than Thursday’s U.S.
Another area of particular vulnerability: cybersecurity, especially in Silicon Valley, Hollywood and at the ports. “We are prepared for more activity in the cyberthreatscape, and that’s why we’re working with every expert we have,” Seroka said. “These times are extremely uncertain, and we must be overprepared.”
Out of about $175 billion in California exports to foreign markets, approximately $400 million worth of goods flow to Russia each year. A quarter of exports to Russia are computer and electronic products. Chemicals, manufactured commodities and machinery are other large exports to Russia.Economists worry that higher food and energy prices could push inflation into double digits. U.S.
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