WASHINGTON (Nexstar) — The Russian-Ukraine conflict will have repercussions far beyond Eastern Europe and will impact the world economy — including the U.S.

“Anytime you have a war, you impact the economy, you impact the stock markets – you will see retirement accounts change,” said Sen. Mike Rounds (R-SD).

Because Russia is one of the largest oil and natural gas producers, Rounds says the prices of energy and fuel are expected to rise.

That will impact you at the pump, when you fly and when you heat your home.

The European Central Bank says the Russian invasion is expected to drive up prices.

“On inflation, we will evaluate the impact of rising energy prices which are likely, in the short term, to increase inflation numbers,” said Christine LaGarde, president of the ECB.

The prices of goods will also likely go up because it’s more expensive to transport them.

On Thursday, President Joe Biden said there are some steps major oil producing and consuming countries can take to offset some increases.

“Collective release from the strategic petroleum reserves of major energy consuming countries,” he said. “The United States will release additional barrels of oil as conditions warrant.”

The goal is to minimize the impact so consumers don’t lose confidence and make matters worse.

“People will feel as though they’re not as safe as they would be when there’s not a war that could develop and move very quickly into a larger scale,” Rounds said.