How the Russian/Ukraine Conflict Will Affect Oklahoma

This morning we woke to the news that Russia had attacked and invaded Ukraine. It started with airstrikes and artillery, then several borders were breached by Russian forces in an all-out attack.

There have already been reports of dozens of casualties, most were civilian. It's a horrible situation and one with no clear end, or peaceful resolution. This conflict started back in 2014 and has escalated ever since.

While this conflict is thousands of miles away its impact will be felt around the world, including right here in S.W. Oklahoma. Most of the world's leaders have already condemned the actions taken by Russia.

Sanctions and trade restrictions of all types have started in an attempt to deescalate and hopefully discourage further actions. At this time there are no clear or confirmed plans for NATO partners and the U.S. to fully engage Russia in defense of Ukraine. In the coming days, this could and more than likely will change.

One of the most concerning and horrifying details of this conflict is that Russia is looking to seize the Chernobyl plant/site. Yes, that Chernobyl. The site of the worst nuclear accident when the reactor exploded back in 1986. According to some reports, some of the shelling has impacted this same area and has caused an increase in radiation levels. Needless to say, it's a really bad situation with worldwide consequences.

So how exactly will all this affect Oklahoma? With the sanctions and restrictions in place, some of which are energy-related such as pipelines and other power assets, it will slow the available amount of oil and other resources. This could easily create an energy storage wreaking havoc on an already fragile supply chain. Transportation, shipping, and all forms of manufacturing will be impacted by this conflict.

You can certainly expect prices to go up on just about everything, especially fuel and energy. In turn that will directly cause serious inflation on all products and services.

Right now economic experts are predicting a 40 year high when it comes to inflation. If you thought the past couple of years were bad, we haven't seen anything yet. If the predictions are accurate we'll be seeing unheard-of price hikes in all areas.

Obviously, the loss of life this conflict will cause is the primary concern and focus, but it will certainly cause damage and hardship around the globe. Hopefully, it will come to an end quickly and we can avoid all the doomsday predictions. It will also be determined by the decision of U.S. and NATO involvement.

This isn't good, the recovery of our economy and way of life post pandemic is hanging the balance.