COLUMBUS, Ohio — Russia is a major producer of oil and natural gas, producing 10 million barrels of oil per day or 12% of the global demand.
While the U.S. imports very little of it, a change in the price of oil barrels can impact oil prices globally and here in central Ohio.
Experts say gas prices in central Ohio could go beyond $4 a gallon if oil prices increase to $120 a barrel.
Now let's turn to wheat.
Russia and Ukraine are responsible for 30% of global wheat exports.
Ukraine is also a major producer of barley and vegetable oil, which goes into many of the products we eat.
While food costs play a small part in inflation, it's unclear what Russia's attack on Ukraine's territory will do to prices in the future.
Your investments, including your 401K, may also take a hit because of the war.
War makes Wall Street nervous, and investors start to sell.
"So, the value of portfolios will be volatile and diminishing for some time," said Peter Hahn, a professor of history at The Ohio State University.
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.
Russia is also a major producer of aluminum.
For now, it's uncertain how badly it could damage the American economy.
"It is the largest and most unsettling invasion in Europe that we've seen since the end of World War Two," said Hahn.
Ohio does do business with Russia. The state imports pig iron that helps make steel.
Total imports are about $344 million dollars to Russia. Ohio also exports about $135 million dollars worth of goods to Russia.