BUFFALO, N.Y. -- As the Russian invasion of Ukraine continues, the U.S. is taking the unilateral step to no longer import energy sources like crude oil from Russia.
"Symbolically, it's a very important decision to make for our country," Phillips Lytle Energy Practice Group Leader David Flynn said.
Flynn said, practically, the impact should be limited because Russian crude oil represents less than 10% of the country's total supply.
However, he said it's the continued volatility in the market that has a domino effect.
"Depending on what happens in Europe and if Russia was basically to make a decision to cease its exports of petroleum, particularly to other countries in Europe, I think that could have a very pronounced impact on cost of energy here in the U.S," Flynn said.
SUNY Buffalo State economist Fred Floss said U.S. gas prices were at an artificially low level because of the COVID-19 pandemic and were beginning to rise regardless.
"We'd expect it to be about $5.50 a gallon if inflation had held for gas like it does for everything else," Floss said.
He said the war in Ukraine has obviously caused industry prices to spike more quickly. While there are a number of options to slow down the upswing, he believes the most impactful way may be for people and their employers to find ways to drive less until prices come down.
"Businesses can play a roll in this by allowing people to work from home," Floss said. "If they work from home, more then people won't have to spend as much on gas and they'll have more money."
Both experts said regardless of the steps taken in the coming days and weeks, the high prices are likely here to stay for awhile.
"Prices never go down as quickly as they go up so even if tomorrow they announced there was peace in our time in Ukraine and Russia was pulling out, it would take some time for the cost to come down," Flynn said.
Flynn said if prices were to return to pandemic lows, it likely means the country is in another recession.