Who’s “we”? The whole world? Yeah, I would support the whole world boycotting Russia. The war would be over in a week. But only some of the world is doing that because, frankly, only some of the world cares about human rights. It’s better than nothing, but an unaccountable dictator like Putin can flatten cities and financially cripple his own economy unless someone forces him to stop.
Putin’s raking in cash from oil for the same reason American energy companies are raking in cash right now — supply and demand. Global demand for oil is way up from where it was in 2020 (the pandemic low point), while supply hasn’t kept pace.
So, another way to potentially end this war would be if the Saudis opened the floodgates of their production capacity and caused the price of oil to fall through the floor. So far, they haven’t done that.
Of course, by doing that Saudi Arabia would also cripple the U.S. energy industry, by causing fracking wells to become uneconomical and shutter, same as what happened in 2020. State-backed Saudi oil can survive a prolonged period of low oil prices, while “free market” U.S. suppliers can’t.
Maybe we should nationalize our energy industry too, like so many other countries, and treat it like the critical national-security asset that it is?
The global economy is complex! There are no easy answers!