I would say yes because the U.S. only gets 2% of its oil needs from Russia. You would have to think as this situation moves along that margin could be absorbed by U.S. allies such as Saudi Arabia and maybe even perhaps Iran or another member of OPEC.
Should NATO sanction all other Russian oil sold through-out the world is the logical follow-up question?
On this I would say no because this would drive up the worldwide price of oil and have significant inflationary effects on all of the nations aligned against Russia…including the U.S.
From a practical standpoint, China, the leading importer of Russian oil, would probably absorb that oil at a significantly lower market price after they haggle the Russians down in per barrel price.
With this in mind, both Joe Manchin and Lisa Murkowski have a bi-partisan bill in place to follow the Part A. strategy I listed above in this piece.
Everything should be calibrated with the thought of weakening Russia and mitigating inflation elsewhere to keep NATO’s resolve as strong as possible to eventually topple Putin in Russia.
Perhaps, as the noose tightens in Russia…his own people will take him out for us.
Lest, we not forget, the Germans almost took out Hitler in World War II. only the explosive didn’t detonate correctly.
We’ll cover that anecdote in history next while Thunder Mommy is changing diapers and handing out afternoon marsh-mellow treats at the Daily Thunder Day Care facility. Go…Thunder Mommy…Go!
Pray for Ukraine. Pray for their resolve and freedom.
Why can’t we walk and chew gum at the same time? President Bidden had a chance to pivot and change policy on oil and gas. He could have announced increasing production and taking off restrictions on oil and gas so we could supply Europe what they need. But still continue our build out to energy independence that will take years to complete. Then sanction all Russian oil and gas to break Putin’s hold. With the public opinion for increasing oil production and 100 percent sanctions on Russia can we get congress to vote on a bill? To make President Bidden have pressure to sign bill or go down as a lame President. I am a Democrat that has common sense. Let all people’s voices be heard.
I pretty much agree on this because the energy policy in this country is incredibly naive. Let’s assume this…. even if the politics allowed, there’s no way we have an integrated energy policy in this country without oil and gas playing a part of the equation.
My son is an oil and gas hedge fund manager/finance expert for the second largest natural gas company in the U.S.
We have this discussion all the time.
But you did leave out one thing, other than Keystone…Donald Trump didn’t really do much for the oil and gas industry…. other than the symbolic appointments of Rex Tillerson, Scott Pruitt, and Rick Perry.
This can’t happen overnight. This takes planning by some very smart people all working together.
Anyway, great post.
Mike