In the longer run, coal (unfortunately) and uranium are adequate though less environmentally/economically preferred substitutes for CH4.

Russia has less leverage, long term, than it thinks.

The really big problem remains liquid transportation fuels, and whoever can make those really win.

If prices get high enough supply unreliable enough then the option exists to invest heavily in alternate renewable energy resources and conservation technologies.

If Putin can convince Europe and North America to go the converation and alternate renewable energy route, I think I'm going to be a Putin fan.