Ukraine-Russia Crisis: U.S. gas prices expected to soar

"My administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump," President Joe Biden said on Tuesday. 

Worries about Russia invading Ukraine have sent oil prices surging toward $100 a barrel. The U.S. is now bracing for pain, especially at the pump.

The Dow Jones Industrial Average fell by more than 480 points on Tuesday. 

Sen. Lindsey Graham, R-South Carolina, said gas prices will go up "significantly." And Professor Sharyn O'Halloran, who specializes in political economics and international and public affairs at Columbia University, agrees.

"Yes, gas prices will most likely go up," O'Halloran said. Russia is a major energy producer, and Europe relies heavily on Russia for oil and natural gas. As a result, Europe will bear more of the brunt of the sanctions against Russia in the form of an economic slowdown. "We don't have that many trade relations with Russia, we don't get our gas from Russia," O'Halloran said. "However, we do trade with people who do get gas from Russia who will have to deal with an economic slowdown."  Read more...

By: Linda Schmidt | Fox5 NY