Europe Needs to Wean Itself From Russian Oil and Gas…and Fast

With tensions in Ukraine nearing a breaking point, the world is collectively looking to the Western powers for resolution. But, not surprisingly, the response so far has consisted of little more than a wag of the finger, with NATO and other world leaders unanimously condemning Russia’s military action in the Crimea.

While the reasons for this muted response are manifold, it’s difficult to ignore the leverage the Russians hold in this standoff. For starters, the U.S. and other Western powers have little to gain from bringing the Crimean conflict to a head; Russia, on the other hand, greatly benefits from controlling the region, with its strategic access to the Black Sea and concentration of Russian-speaking peoples.

UPDATE 5-U.S. to overtake Saudi as top oil producer – IEA

Believing this one might be a difficult thing to uphold. The energy resources available aren’t disputed, but the actual motive to use them are. Most of the news the last four years reflects that the Obama administration has gone out of its way to close everything up it can (i.e. available shale oil land in Colorado via making national parks out of everything) and kill Canadian imported oil. Only time will tell what will come of this anomaly.

* U.S. to become biggest oil producer by 2017

* To overtake Russia as top gas producer by 2015

* Moving to become self-sufficient in energy (Adds details, para 8-9)