Florida gas prices may go up as Russian conflict with Ukraine plays out

The Russian invasion of Ukraine is sending shock and concern across the globe. The first direct impact most Americans might feel will be at the gas pump

The conflict is likely to drive up already high oil prices, which will raise gas prices. The current national average is $3.54 a gallon. In Florida, it is $3.48.

"We could see that jump to the $3.60s or $3.70s over the coming week or two as oil prices continue to go up and as the situation with Russia continues to escalate," said Patrick De Haan, head of petroleum analysis for GasBuddy

Those rising prices could also have a ripple effect on existing inflation and supply chain issues, according to Michael Snipes, an economics professor at USF. 

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"It potentially could increase prices, transportation cost, slow down delivery dates, all those things are possible," Snipes said. "This does have the potential to make the supply issue worse."

The financial markets, which tend not to like instability, took a tumble early Thursday but rebounded by the end the day. 

Snipes said it's not time to panic.

"There’s no reason to panic with your investments, with respect to stocks or bonds, yet. Things can always change," he said.