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Steve Allen Explains Rising Global Prices of Crude Oil

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Steve Allen, professor of economics, anticipates the possible effects that tensions between Russia and Ukraine could have on global oil markets.

“If there ends up being armed conflict in Ukraine, you’re likely to see reduction in the amount of Russian oil that gets into global markets,” said Allen. “It’s quite possible global commerce and crude oil is going to be disrupted. The Russians may not be in a position to export what they did, especially if sanctions are placed against (them) by most of the rest of the world.”

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