CAPITAL REGION, N.Y. (NEWS10) — As if lingering economic issues caused by the pandemic weren’t enough! The rise in inflation and the invasion and violence in Ukraine is also causing instability in the world market, says Kajal Lahiri, professor of economics at UAlbany.

“The spike in gasoline prices is directly coming from that political conflict,” said Lahiri. “There’s nothing else there.”

Although Russian oil makes up under 10% of what we import into the U.S.—as compared to the European Union, which gets nearly 30% of its oil from Russia—Americans are still feeling the pinch. That’s due to our position within global markets, driven by war and conflict alongside supply and demand.

Lahiri said that any time there is political uncertainty the prices of commodities like oil increase. “That’s just the nature of the market,” he said. Still, he believes the higher prices are a temporary reaction by the market and not due to price gouging at gas stations.

The economics professor said that, hopefully, as stockpiles of oil loosen up, it’s likely that prices begin leveling off and dropping. Still, he warned that drivers should be ready for more pain at the pump.

News10’s Anya Tucker asked Professor Lahiri how high prices might go. “I do not think it will go much beyond $6,” he responded. “By that time, the domestic supply would be forthcoming.”

He says in the meantime, we might want to drill deep into our wells of patience and perhaps find ways to drive less. You can also check out gas price aggregators by AAA and GasBuddy for the best bargain near you.