Russia's invasion of Ukraine could impact Americans' wallets everywhere from groceries to the gas pump.
NBC News correspondent Tom Costello outlined the potential effects of the conflict on American finances on TODAY Friday, and NBC News senior business correspondent Stephanie Rhule shared tips on how to save money during a turbulent time.
The rising global oil prices also could mean significant increases among home energy costs for Americans. U.S. households would spend $750 more this year on gasoline and home heating oil than last year if oil stays at $100 a barrel, EY-Parthenon chief economist Gregory Daco toldRussia is the second-largest exporter of oil and natural gas in the world, and prices are set globally. While the U.S.
"There's a lot of fear out there that in retaliation for these sanctions that we're putting on Russia, they could could decide to cut off supply," Rhule said on TODAY."Now that's not something people should freak out about. We have ample supply here in the U.S., we're not going to run out. However, prices are going to go up."The invasion of Ukraine could also potentially mean higher food prices because Ukraine is a major global exporter of wheat.
With prices potentially rising across several sectors due to the conflict in Ukraine, Rhule shared five tips for how to save money in multiple areas.
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