Globalization can be our friend. Globalization can be our enemy.

The current record-high gas prices result from an economy of interdependent nations. There are many benefits to globalization; until a crazy dictator commands an unprovoked attack on a sovereign nation. The energy supply from Russia, much of which traveled through Ukraine, is threatened by war and sanctions. Consequently, gas prices in the United States soared.

I have always believed that gas prices significantly impact a consumer economy. Gas prices should climb higher in the coming days, especially with President Biden’s announcement to embargo Russian oil. So, we will see how Americans respond to $5 / gallon gas, another component of inflation. Will our habits change, or will those who can adjust their personal budgets to the increase? Will higher gas prices reduce spending? If it does, how long will an economy based on spending function highly with limited revenue?

The next time you fill up on gas, say a prayer for our nation. The development of record-high gas prices may end up a significant story in our lives.