Russia Just Moved Troops Into Ukraine & Global Gas Prices Could Get 'Ugly' Because Of It

The global economy is getting worried about Russia moving into Ukraine, and drivers are about to feel the pinch.

War is obviously the biggest concern in Europe right now, and that concern is hitting many people where it hurts: at the gas pump.

The global benchmark price of oil hit a seven-year-high on Tuesday, after Russian President Vladimir Putin ordered troops to enter part of Ukraine overnight, the New York Times reports. Natural gas prices have also gone up, and it all means that fuel and heating bill are likely going to get more expensive, whether you're buying from Russia or not.

"The weeks ahead could be rather ugly with rising gas prices, especially if Russia pursues a strong-arm invasion of Ukraine," Patrick De Haan, Gasbuddy's head of petroleum analysis, wrote in a blog just before Russia made its move.

Russia is a major oil producer for the world, and Western powers might decide to punish the country by refusing to buy its supply. That would drive up the global average price of oil, which would make it even more expensive for you to fuel up your car.

"Russia accounts for one in every 10 barrels of oil consumed globally, so it is a major player when it comes to the price of oil, and of course, it's really going to hurt consumers at the petrol pumps," Maike Currie, an investment director at Fidelity International, told BBC News.

Many nations have already said they won't send troops to defend Ukraine, so cutting off its business is one of the other major options available.

Germany has already pulled it support for a gas pipeline from Russia to Europe, and that might be just the beginning. The U.S., U.K., Canada, Japan and many other countries have promised to sanction Russia for moving into Ukraine, and refusing to buy Russian gas is one way to do it.

Russia has not said that it's "invading" Ukraine at this point, even though it's sending in troops. Instead, Putin claims that he's moving in to defend the "independence and sovereignty" of separatists in Ukrainian territory, the Associated Press reports.

But the U.S. is already using the "i" word.

"We think this is, yes, the beginning of an invasion," Jon Finer, the U.S. principal deputy national security adviser, told the AP.

"An invasion is an invasion and that is what is underway."