Republicans are laying a trap for Biden on Russian energy sanctions

In recent days, Republicans (and some Democrats) have argued that the United States can apply sanctions to Russia’s energy sector while enduring virtually no economic pain at home, and without turning to unsavory alternative sources such as Venezuela. U.S. energy producers alone, they claim, can immediately ramp up supply to offset the shortfall. Big, Bad Government just needs to get out of industry’s way.

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This is a fantasy — one born either of confusion about how energy markets work or a cynical desire to set up Biden.

For starters, it usually takes 10 to 12 months for a change in oil prices to lead to an actual change in oil production in the United States, according to John Kemp, senior market analyst at Thomson Reuters. That’s because there are many time-consuming steps involved, regardless of the regulatory environment: contracting a new rig, moving the rig onto the drilling site, recruiting workers and so on.

Already, U.S. oil producers have responded to the recent run-up in oil prices by taking steps to increase production. In January, there were 502 rigs drilling in this country for crude, according to energy research firm Wood Mackenzie. Today, there are 540. Unfortunately, any additional barrels that become available from these added rigs are months away.

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