Upton: Invasion Of Ukraine Would Mean Higher Gas Prices

fredupton324431-36
fredupton324431-36

Congressman Fred Upton is pleased to see other countries joining the United States in putting pressure on Russia not to invade Ukraine. He told us in late January Germany wasn’t stepping up because of a pipeline project from which it stood to benefit, but Germany has since joined the U.S. in opposing invasion. Upton says that’s good because it will be a catastrophe if Russia invades Ukraine.

“The U.S. along with our NATO allies are doing all that we can diplomatically to make sure Russia knows if they do this, it will be bad for the world, certainly for them,” Upton said. “If this happens, we’re likely to see tens of thousands of Ukrainians killed.

Upton says there will be millions of refugees. The invasion could have an economic effect in the U.S. due to oil prices rising.

“It will only fuel inflation faster as it will cost us to get goods to the marketplace  and really hurt all of the pocketbooks  across the country, particularly those that are the most vulnerable.”

Upton says the price of a barrel of oil could rise to $100 and gas go up another dollar a gallon. He says with a united world front against Russian aggression, the economic consequences would be felt there almost immediately, and he hopes the situation will be resolved peacefully.