Russia’s invasion of Ukraine is rattling the global economy and markets. In the United States, increasing oil and natural gas prices in the past three weeks have kept the administration on its toes. In his February 22 remarks, President Biden reminded the nation that “defending freedom will have costs for us as well, here at home” and that the “administration is using every tool at its disposal to protect American businesses and consumers from rising prices at the pump.” 

However, higher gasoline prices are only part of the story. As Jeff Powell and Jeremy Witbeck discuss in this week’s podcast, the current crisis could have a wide range of supply chain implications — and consequently higher inflation — for which U.S. consumers must be ready for.