Friday, April 13, 2007

EU's oil dependency


I pillaged this picture from the economist website. The article discussed Russia's new "tool of influence" as the supplier of half the EU's gas imports. Europeans were reminded of this dependence on Russian gas and the Russian owned pipelines, which run through Europe, when Russia turned off the gas supply to the Ukraine last year (and the Ukraine syphoned gas from pipes headed to the EU). Despite this fiasco Europeans should not fear another shut off because Russia is as dependent on the EU market as the EU is dependent on their Gas.

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