November 1, 2008 By Robert Amsterdam

Russia’s Energy Risk

It’s funny that no matter how many warnings they get, Europe simply refuses to act to decrease their dependence on Russian energy. This one comes from the Financial Times:

“No matter how much confidence European leaders have expressed about Russia’s reliability, there is still a lot of risk associated with it,” says Vladimir Milov, a former deputy energy minister. Europe is deepening its dependence on Russian oil and gas at the same time that relations continue to sink. Europe, led by Germany and Italy, already relies on Russia for one-quarter of its gas supplies – an amount expected to rise to half by 2030.