If we are going to a human rights based foreign policy, China needs sanctions as well as those countries. I have zero problems with basing foreign policy on human rights. But I've been told by free-marketeers that the markets create human rights. So if we want to create a set of criteria for US trade based on human rights, I'll sign up. But my guess is no one is about to leave China.
We need to move from Saudi Arabia. I have no love of Venezuela. We've made mistakes with Iran but using sanctions to try and move them isn't a terrible idea. It won't work (hasn't worked in Cuba for 60 years). But at this moment we are faced with a simple fact, the last economic tool left to do with Russia is to stop buying their oil/NG. But if we do that, China will offer to buy it at a 20% discount. If oil/NG prices are at or over record prices, Russia still makes a LOT of money. So what is the fastest way to collapse the cost of oil? I've seen the Baker-Hughes rig counts, we have been a year of steady growth in rigs. But it isn't fast, there isn't a magical way to get more American drilling tomorrow. You can see below, the US has 247 more rigs than 1 year ago.
The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.
rigcount.bakerhughes.com
So if we are serious about not buying Russian oil/NG, we are stuck. We have to decide if we want to punish Russia or punish Venezuela because punishing both isn't likely to do anything to Russia.
