Russia’s military threat to Ukraine has brought terror to the region and destabilized global energy markets.

Already facing 40% more expensive gasoline since January, American motorists will find no comfort now, as crude oil prices break $90 a barrel and, in the last few days, have touched $100 in spot markets. What else might the conflict portend for the U.S. economy? How does this all relate to the ongoing struggle by the Federal Reserve to hammer down inflation? Our central bankers were already in the process of slowing U.S. economic activity. Won’t rising energy prices confound the Federal Reserve’s efforts?