(WHTM) -- As Russia continues an invasion of Ukraine, Pennsylvania could see significant financial impacts, from the pump to retirement accounts.
"There are a number of them in the short term," financial analyst Rob Morgan, a market strategist at the financial planning firm MOSAIC.
Morgan said one big impact the state is already seeing is higher oil prices, which means Pennsylvanians will be paying more at the pump.
"It's been projected it could go up to $120 a barrel," Morgan said.
Inflation is the highest it has been in 40 years at 7.5 percent, but Morgan said rising gas prices could make it worse.
"[That] could take [the] Consumer Price Index up to 9 percent, so it would shatter through that 40 year level," he said.
More money to fill up the tank is not the only problem people could face. Morgan said uncertainty around the conflict and its long-term impacts is causing some dips in the stock market.
"All of these factors contribute to an element of fear," he said.
This could mean a hit to people's 401k() accounts.
"If they get a monthly statement, it's not going to look too great," Morgan said.
However, his message to people is not to panic and that, historically, the stock market grows over time, even accounting for downturns. A long-term investment like a 401k(k) will reflect that.
"If you have a regular plan to have money taken out of your paycheck every two weeks, every month, whatever it might be, stick to that plan," he said.
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Morgan said the best-case scenario for Pennsylvanians' wallets is a quick end to the conflict.
"If we get some kind of resolution here, those prices could come down as quickly as they've gone up," he said.
If the conflict continues and keeps shrinking wallets in the Midstate, Morgan said this could have a longer term impact on the economy. If people have less money to spend, businesses could suffer as well.
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