NewsLafayette Parish


Economic effects from Russia bombing Ukraine

Posted at 10:16 PM, Feb 24, 2022
and last updated 2022-02-24 23:16:53-05

One economics professor tells me that because Russia attacks Ukraine, Louisiana's economy is likely to see a big hit on its oil and gas prices.

Although Louisiana is a self-sufficient state for oil and gas, we still lean on other countries to trade goods. Professor Deergha Adhikari at the University of Louisiana at Lafayette says although this war isn't taking place in the U.S citizens should still be aware of the effects.

"We cannot supply to other industries and other countries. Our oil goes to other industries and other countries, so when oil prices increase and when oil supply has disrupted the price of oil goes up, including the price of oil in Louisiana."

Hayes adds goods we trade with these countries will also be affected.

"...and we also ship rice and things over there and we also import certain fertilizers and other things from those countries so economically the impacts are going to be there."