Many of us locally will soon be feeling the effects of the sanctions put in place by President Joe Biden against Russia.
Those sanctions cut the Russian government off from Western financing, but Russia is a leading oil producer and a local economist says we could begin to see oil prices increase as a result.For part-time Lyft driver Eduardo Garcia, just about half of what he makes goes right back into his car.
After President Biden announced sanctions against Russia for its invasion of Ukraine, local economist and CEO of Heritage Capital Group Donald Wiggins said the average person is going to feel the hit in their bank accounts. “Gasoline from Venezuela is the same as gasoline from the Middle East, is the same as gas from Texas, so they’re pure substitutes for each other so if you have a disruption in one place you’ll have a disruption in another,” Wiggins said.
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