Although Russia has now switched the tap back on allowing gas exports to resume at full strength to the Ukraine, the ramifications of the dispute are still rumbling across Europe.
You could argue that the Russian action could be beneficial in that it has woken people up to the problems of long-term energy security based on fossil fuels from foreign lands.
I think many people are shocked to find out just how dependent Europe is on Russian gas. We now know that this dependency will only grow.
Check out this AP article re: Chevron in Ecuador and Nigeria. Quotes from Oil Change, Earthrights, and Amazon Watch.
So three days into the New Year and we have already had our first energy crisis, with a spat between Russia and Ukraine over gas prices. What started as a regional argument soon rapidly spread affecting Italy, Hungary, France, Germany and at least seven central and eastern European countries.
It has also highlighted just how dependent Europe has become on Russian Gas, especially with declining North Sea reserves. Russia accounts for about one-third of EU gas imports, and one-fifth of the gas used in EU.
A great insight into oil industry strategy, via the Exxon funded Competitive Enterprise Institute, to destroy European support for Kyoto. Also a showcase for the power of good old fashioned dumpster diving to get you the goods. Read it here in the Independent.