The Oil Drum

'On April 21, Russia's giant, Gazprom--for the second time in less than a year--threatened to shut off Europe's only major source of natural gas.' Did you hear how Putin, acting for Gazprom, was threatening to nuke the North Sea (Norway, Great Britain, and the Netherlands), plus Algeria? I missed it too.

Europe does not rely on a single source of natural gas. Arguably, the Russians are something like a swing producer, but they are not the only source of natural gas by any means. Further, the Russians have been very careful not to threaten Europe too explicitly, otherwise the Europeans will simply make different business plans - like major insulation programs instead of paying the Russians for unreliable supplies, or heavy investment in non-fossil fuel energy. (The Swedes, a group of Europeans with lots of experience in dealing with Russians, are already heading this way.)

The Russians, in typical Russian fashion, are already starting to overplay their hand. Not that Europeans aren't used to that, of course.

I could keep going on, but that little statement gives you an idea how important it is to actually think about what Ruppert says.