AUSTIN (Nexstar) — At the state’s capitol on Wednesday, the International Relations and Economic Development House committee was briefed on how ending trade with Russia would affect Texans.
This would be done to stand in solidarity with Ukraine, as the country endures an unprovoked war with Russia.
Ray Perryman, an economist and president/CEO of The Perryman Group, has studied the economic impact this would make. According to him, Texas is mainly buying oil and refined products from Russia — importing about $5 billion worth of products last year.
Perryman said the state exports primarily oil equipment to Russia, but still, our economy isn’t too dependent on them.
If we were to stop trade with Russia today, it’s estimated that we’d lose about $6 billion in gross product, which is less than 1% of the state’s total trade.
“If you had $100,000 as your income, and somebody took away $380 — you’re not going like it,” Perryman said. “But it’s probably not going to affect what you bought at grocery stores this week. There are times when humanitarian situations and geopolitical situations may demand something be done.”
The committee has another hearing in May. From there, it could include recommendations in its interim charges report to the speaker of the house to, in fact, create legislation to cut all ties with Russia.