AUSTIN, Texas (Nexstar)—At the State Capitol on Wednesday, the House Committee on International Relations and Economic Development was briefed on how ending trade with Russia would affect Texans.
This would be done in solidarity with Ukraine as it endures an unprovoked war with Russia.
Dr. Ray Perryman, economist, chairman and CEO of the Perryman Group has studied the economic impact this would have. Texas mainly buys oil and refined products from Russia, he said, importing about $5 billion worth of products last year.
Perryman said the state mainly exports petroleum equipment to Russia, but our economy still isn’t too dependent on it.
If we were to stop trading with Russia today, it is estimated that we would lose approximately $6 billion in gross product, or less than 1% of the state’s total trade.
“If you had $100,000 as income and someone took $380 away from you, you’re not going to like it,” Perryman said. “But it probably won’t affect what you bought in the grocery stores this week. There are times when humanitarian situations and geopolitical situations may require something to be done.
The International Relations Committee has another hearing in May. From there, they could include recommendations in his interim report on the charges to the Speaker of the House – to, in effect, create legislation to cut all ties with Russia.