Bill Overview
Title: BREAK PUTIN Act of 2022
Description: This bill requires the President to take steps to sanction entities involved in the purchase of crude oil produced in Russia and to increase the production and refining of crude oil in the United States. Specifically, the bill requires the President to block the U.S. property of (1) any foreign person who knowingly purchased Russian crude oil; or (2) any foreign financial institutions, insurance companies, brokering services, international trading houses, port operators, or shipping companies that facilitated any significant financial transaction for the purchase of Russian crude oil. The bill also directs the President to establish a task force to combat evasion of these sanctions.
Sponsors: Sen. Cassidy, Bill [R-LA]
Target Audience
Population: Individuals impacted by changes in the global oil market and sanctions on Russian oil
Estimated Size: 300000000
- The bill's sanctions on Russian crude oil purchases directly target foreign entities, including individuals and organizations involved in purchasing Russian oil.
- Many European and Asian countries heavily rely on Russian exports for energy needs, so citizens and industries in these regions might face impacts from the sanctions.
- Global oil markets are highly interconnected, meaning any significant changes in Russian oil trade will affect oil prices worldwide, impacting consumers globally.
- Efforts to increase U.S. oil production could lead to increased domestic employment opportunities in oil extraction and refinement sectors, impacting these workers.
- Environmental and social groups concerned with fossil fuel expansion may be impacted by increasing oil production in the U.S.
Reasoning
- The population will include a mix of individuals, from those working within the oil industry affected by increased production, to average consumers facing fluctuating oil prices.
- The budget limits suggest focusing mainly on domestic impacts, especially in sectors tied directly to oil production and immediate economic consequences.
- Some individuals will be indirectly impacted through broader economic changes, including those in financial services dealing with compliance changes.
- Different regions will see distinct impacts depending on their proximity to oil production sites and their engagement in environmental activism.
Simulated Interviews
Petroleum Engineer (Houston, TX)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- I see this policy as a double-edged sword. On one hand, increasing domestic oil production might mean more job security for me.
- However, I'm also concerned about the environmental impacts and the potential for regulatory changes affecting the industry long-term.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 4 |
Environmental Activist (San Francisco, CA)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I strongly oppose this policy as it prioritizes short-term economic gains over long-term environmental health.
- Our focus should be on renewable energies, not expanding fossil fuel usage.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 4 | 6 |
| Year 3 | 4 | 6 |
| Year 5 | 4 | 5 |
| Year 10 | 3 | 5 |
| Year 20 | 2 | 5 |
Financial Analyst (New York, NY)
Age: 28 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 7/20
Statement of Opinion:
- These sanctions will shift the dynamics in global energy markets, providing opportunities for strategic investments.
- There's some concern over market volatility, but the overall outlook seems promising for new financial models.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 7 | 8 |
| Year 10 | 7 | 8 |
| Year 20 | 6 | 7 |
Oil Rig Worker (Bismarck, ND)
Age: 52 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- I'm hopeful about these changes as they might mean more stable work and better pay.
- There are always risks in this line of work, but demand increases often mean good bonuses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 4 |
| Year 10 | 5 | 3 |
| Year 20 | 4 | 3 |
Retired (Miami, FL)
Age: 65 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 8/20
Statement of Opinion:
- I'm concerned about what this might do to gas and oil prices in the short term.
- Any increase in prices can really pinch those of us on a fixed income.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 5 |
| Year 2 | 4 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 4 | 5 |
College Student (Seattle, WA)
Age: 22 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- It's frustrating to see more focus on oil rather than renewables.
- This could potentially set back progress on climate change initiatives.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 5 | 6 |
| Year 5 | 4 | 6 |
| Year 10 | 4 | 6 |
| Year 20 | 4 | 5 |
Logistics Manager for a trading company (Chicago, IL)
Age: 39 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- The sanctions will require us to adapt our supply chains, but ultimately it might create more local opportunities and partnerships.
- Transition periods are always tricky, but this could stabilize over time.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Elementary School Teacher (Raleigh, NC)
Age: 50 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 9/20
Statement of Opinion:
- I hope to see a balance between economic growth and environmental stewardship.
- Education about alternative energy is critically needed in today's changing world.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Auto Mechanic (Detroit, MI)
Age: 25 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- Increased domestic oil production could mean more stable prices for fuel, which helps my business and clients.
- As the market evolves, I'm cautious about long-term shifts towards electric vehicles.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 4 |
Retired School Principal (Phoenix, AZ)
Age: 71 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 0.0 years
Commonness: 11/20
Statement of Opinion:
- I'm wary of anything that could affect utility prices since my income is fixed.
- Environmental considerations are important to me, but so is keeping costs stable.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 4 | 4 |
| Year 2 | 4 | 4 |
| Year 3 | 4 | 4 |
| Year 5 | 4 | 4 |
| Year 10 | 4 | 4 |
| Year 20 | 4 | 4 |
Cost Estimates
Year 1: $500000000 (Low: $300000000, High: $700000000)
Year 2: $500000000 (Low: $300000000, High: $700000000)
Year 3: $500000000 (Low: $300000000, High: $700000000)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Coordination with allies and international bodies to ensure proper implementation and compliance with sanctions will be crucial.
- Potential environmental fallout from increased U.S. oil production may spark domestic opposition and require mitigation strategies.
- The impact on global oil prices can result in significant geopolitical consequences.
- Social and environmental concerns linked to increased oil extraction and refining might require additional policy measures or regulations.