Russian Invasion of Ukraine Impacts American Economy

White House adviser says the biggest concern is rising gas prices. 

Cecilia Rouse, the chair of the White House Council of Economic Advisers, stated that Russia’s invasion of Ukraine has “clouded” the economic outlook for the U.S. in the coming year, as Americans experience the continuing rise in prices. 

She said Russia’s aggression “generates some risk” for the United States and the global economy as the West increases sanctions to punish the Kremlin. She said the biggest concern for America now is rising gas prices, although she noted President Biden is working with allies and partners to find solutions, including additional releases from the nation’s strategic petroleum reserves. 

“The economic risks will hinge on the length of this war. And the more quickly it is resolved, then the smaller the impacts,” Chairwoman Rouse said. “The longer it goes on, the deeper the uncertainty. So I would say that this has definitely clouded the outlook.” 

As the Lord Leads, Pray with Us…

  • For wisdom for the members of the Council of Economic Advisors.
  • For the president to seek the Lord for discernment in handling the rising price of petroleum.

Sources: Politico, ABC News 


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