The Morning Dispatch: Will We Sanction Russian Energy?

U.S. policymakers debate weaning ourselves off Russian oil as gas prices spike.

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Happy Tuesday! Congratulations to Russia for—according to Castellum.AI, an international regulatory compliance agency—officially becoming the most sanctioned country in the world. Ты сделал это, Владимир!

Quick Hits: Today’s Top Stories

  • The United Nations’ High Commissioner for Human Rights reported Monday the number of confirmed civilian casualties in Ukraine has risen to 1,207, including 406 dead and 801 injured. The agency continues to believe the true figures are “considerably higher.”

  • In the Pentagon’s daily background briefing on the war, a senior Defense Department official told reporters the U.S. believes Russian President Vladimir Putin has committed into Ukraine nearly 100 percent of the combat power he had amassed along the two countries’ border in recent months. The official also said Russia launched approximately 125 more missiles in Ukraine over the weekend, and announced Defense Secretary Lloyd Austin had ordered the deployment of approximately 500 U.S. troops to Europe to “shore up” NATO defensive capabilities and deterrence.

  • The Dow (-2.4 percent) and S&P 500 (-3 percent) had their worst day of the year on Monday as investors weighed the economic ramifications of war in Ukraine and Western governments signaling an openness to blocking Russian oil imports.

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  1. Steven Lentz

    Y’all mentioned that Dispatch Live is also available on Wednesday. Where can the replay be found? Are previous edition archived for viewing?

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    Jerry McKamy

    https://www.reuters.com/business/energy/us-ban-russian-energy-imports-doesnt-include-uranium-source-2022-03-08/

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    Jerry McKamy

    I believe the U.S. is also still importing, of all things, uranium from Russia. What's up with that?

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    Evanrkaiser

    The global green movement has hobbled natgas and shale oil production in this country, boosted Russian natgas and oil dependence in Europe, and boosted Russian wealth therefrom.

    Putting aside the moral and operational culpability of Putin and his coterie, blame for this war can be laid at the feet of the global green movement. This has all been long foreseeable.

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    Will Bates

    QOTD: I know The Dispatch isn’t a bunch of economists, but I’d like a discussion on what happens IF:
    1) US bans Russian imports,
    2) That + profiteering + inflation + supply limitations pushes oil up to $200/barrel (its sure getting there fast)

    At that cost, what happens to the US economy? The cost of energy affects everything…not just gas prices.

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    Amy

    Would love to hear Klon's thoughts tonight if there is any insight into why Russia didn't use cyber attacks before the military attack - or if they did and the cyber attacks were thwarted.

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    rlritt

    "Quinnipiac poll released this week found that 80 percent of Republicans believe Biden has not been tough enough on Russia in response to the invasion of Ukraine" and yet Tucker Carlson is back supporting Putin. They're saying Biden usn't tough enough, but when prices go up, he'll be blamed. A Democratic president can't win for losing. Whatever he does is wrong

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    Mike B

    One topic for Dispatch Live, along the lines of eliminating Daylight Savings Time (or Standard Time, but pick one and stick to it) - why must gas stations insist on tacking 9/10 of a penny onto the end of the price display? Do they really think we will see $4.99 9/10 and think "well, at least it's not $5"? I realize other industries do it too, everything seems to be priced a penny below the "real" price so they can say $999.99 is "under $1,000" but at least a penny is an actual unit of currency.

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  9. Bill Brockman

    Re today's question: how about March Madness with an emphasis on each Dispatcher's Alma Mater's chances?

    Just kidding, of course. To be serious: how long do you think the American public will "put up" with higher gas prices if Putin's invasion continues for months or years?

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  10. Mark Holmlund

    A question: Today’s TMD referenced a chart showing US imports of Russian oil at the time of the invasion of Ukraine at only 84,000 barrels a day. I’m positive most media reports previously had the number at 600,000 to 700,000 barrels a day. Could The Dispatch fact-checkers fact-check those previous media reports (or, if necessary, TMD)?

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