Vladimir Putin’s Russia is not as scary as the Soviet Union, but it remains an energy superpower. Moscow supplies Europe on average with roughly a third of its energy; many EU countries rely almost completely on Russian gas, oil and coal. I firmly think such realities have muted Europe’s reaction to Putin’s aggression.
Taking market share from Moscow would diminish its political leverage, while also weakening its petro-centric economy. Energy accounts for as much as a quarter of Russia’s GDP, 60 percent of its exports, and the lion’s share of its revenues.
However, we can’t even export crude oil because of an old 1975 law in this country!
The idea that surging U.S. gas and oil production is a new source of geopolitical power is now a reality and its time our President wakes up.