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He acknowledged the impact on energy prices. to walk you through the way this would play out, russia is a major exporter of oil and gas. even though the u.s. gets little oil from russia just about 3%, an invasion in the fierce u.s. sanctions, frankly, european, western, and u.s. sanctions that would follow would likely drive up already high oil and gas prices in the global market. that fuels inflation worldwide and has a ripple effect for us here right now. for us, drivers, as you pass the pump, they are seeing the national average for gas prices at 3.50 a gallon. a dollar more than a year ago...

Once the u.s. would sanction russia to punish russia, clearly there could be retaliation from russia. you know what they would do. and even though we don't depend on russian oil, it's only 3%. it's a global market. prices around the world would go up. >> reporter: i think you're exactly right. the president did detail that potential for american sacrifice. certainly in the american pocketbook. the u.s. gets very little of its oil from russia. i think roughly 3%. the invasion and sanctions from the u.s. at the would follow would likely drive up the already high oil and gas prices around the wor...

Crude oil prices already, john, up this year, struggling to keep up with the demand of a rapidly growing and reopening economy. russia of course is the world's second largest producer of oil. a war in europe or sanctions that cut off supply would send prices even higher. the question, how high? if prices rise north of 110 bucks a barrel, one estimate has annual inflation in the u.s. topping 10%. that would be the highest since 1981. energy prices are a huge factor in this red-hot inflation hitting your household budget. january is consumer price index, 7.5%, already the fastest in four decades...

>> russian troops on the move and so are global markets. asia shares closing down sharply. stock index futures bracing. this will be the first chance for u.s. investors to respond to a weakened of worsening russia headlines. putin's obsession with ukraine sent stocks tumbling last week. the dow alone lost more than 650 points last week. john, that's nearly 2%. the big reaction is in the oil markets. u.s. crude prices jumping more than 5%. global crude prices up to nearly 100 bucks a barrel. russia is the world's second producer of oil and natural gas. any supply disruption from fighting or san...

Even working. >> russian defense minister reported today that some military units are leaving their positions near ukraine. that would be good, but we have not yet verified that. our analysts indicate that there remain very much in the threatening position. and the fact remains right now russia has more than 150,000 troops encircling ukraine and belarus and along ukraine's border. an invasion remains distinctly possible. >> jesse: the fact of the matter is nobody knows anything. putin is playing this out and biden is reacting. here's why we should care. first, if you think gas prices are high ...