Energy Prices On The Rise, Impacting Prices Across The Board

The conflict in Ukraine is impacting energy and agriculture prices across the country. 

Average gas prices in Oklahoma have shot up around 40 cents in just the last week. 

Some are calling this the perfect storm with the conflict impacting more than just energy costs. 

"Energy is a big component of everything we buy," said Oklahoma City University professor Dr. Steve Agee. 

He said with the ups and downs in demand from COVID, we were already seeing higher crude oil prices. 

"Now on top of that is this horrible situation in Ukraine and with the Russians and that has had a real negative impact on oil prices," said Dr. Agee. 

In Oklahoma, the average gallon of gas now sits at $3.64, but the national average is over four dollars. 

"In terms of the energy markets I think we are going to see this for the rest of 2022," said Dr. Agee. 

That means higher transportation costs. The prices of their goods and crops, like wheat and corn, that are heavily exported from that area of the world are rising. That puts even more of a strain on other industries. 

"The bread price will go up maybe 15-20 percent, however you will have a larger impact on the price of your flour," said crop marketing specialist Kim Anderson. 

He said flour prices could go up 30,40, or even 50 percent.  

"High gas prices are going to have a pretty direct impact on consumers and that may be a real factor for beef markets," said extension livestock marketing specialist Derrell Peel. 

Dr. Agee said Oklahomans should be looking at how they can conserve energy, even to and from work.