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Ukraine war could worsen chip shortages and jack up phone and car prices in the U.S.

Expect higher gas prices at the pump and potentially higher cell phone and car prices, due to chip shortages exacerbated by the war.

President Joe Biden during an event to discuss the supply shortage of semiconductors in the South Court Auditorium of the White House in Washington, D.C., on Jan. 21, 2022.
President Joe Biden during an event to discuss the supply shortage of semiconductors in the South Court Auditorium of the White House in Washington, D.C., on Jan. 21, 2022.Read moreSAUL LOEB / MCT