Consumers are already paying high prices for energy and fuel, with demand surging following the easing of COVID restrictions. The impact of this has caused 28 energy suppliers to cease trading by the end of 2021. The UK inflation rate is at 5.5% which is the highest it has been in 30 years. Although the UK are not heavily reliant on Russia for gas and energy, there are concerns sanctions could constrict supplies and drive-up prices worldwide. The price of UK natural gas futures soared nearly 30% on Thursday.
If Russia escalates its aggression and forces the Western response threatened by NATO leaders. Europe might well tip into recession. The United States could possibly follow, and Western leaders need to communicate the facts and prepare public opinion in their countries for higher prices and tougher times.
The conflict has already caused the oil price to jump to its highest level in more than seven years, while future gas prices doubled in just one day earlier this week. Immediately following the attacks on 24 February 2022, oil prices went above $131 per barrel to their highest level since 2014. The cost of an average full tank could increase to as much as £88.