[Yahoo/Finance] Economists and industry experts widely believe supply chain disruptions will continue to affect the U.S. economy as Russia's invasion against Ukraine sent oil prices surging and suggested an unpredictable course for markets in the short term."To run everything on the supply chain — unfortunately, so much of it relies on oil," Kona Haque, ED&F Man head of research, said on Yahoo Finance Live (video above). "It's the reason why every time you see oil prices go up by 50%, a U.S. recession typically follows. It's that impactful. It's that entrenched in the economy. And obviously the U.S. clearly is very, very energy dependent ... It will have a reverberating impact across the supply chain."
Gas prices skyrocketed over the past month as Western sanctions against Russia bite: The U.S. national average, as of March 11, is $4.33 a gallon. California became the first state to see average gas price tick up to more than $5/gallon with states like Nevada, Hawaii, and Oregon not far behind, according to the latest data from AAA.