1. Banning the import of a fungible commodity like oil is difficult and not likely to have any appreciable impact on Russian output. If we are going to destroy Russia's oil production the way is to strictly ban energy equipment or technology going to Russia via export controls.
2. But NB lowering global supply will increase prices. It's simple economics. Our focus for short-term relief in oil prices should be directed to the conduct of the OPEC cartel. Make the members pay a price that could include US. ban on their elites.
3. Focus on Russia may be politically satisfying but is not likely to stop Russia from profiting and will give us a false sense of having addressed the issue. If we're going to destroy the Russian economy, impairing its oil and gas output is the way. But we will also harm
4. our allies who rely on these commodities and by depressing global output harm the American consumer who will pay the costs of this misguided policy. @WhiteHouse @WHNSC @SecBlinken @CommerceGov @ENERGY @SpeakerPelosi @SenSchumer @kevinomccarthy @LeaderMcConnell
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