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ACC-21010January_Newsletter_p - Russia for 44 of its...

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Page -10- But, in Europe the situation is even worse. While the U.S. has chosen not to develop its oil and gas reserves, Europe has no such reserves at all. Consider the following: *In the last ten years Europe ’s reliance on Russian crude exports has grown from around 12 percent of total crude imports to around 31 percent in 2008. (45% from Middle East, 23% from Norway) *EU oil imports are set to grow by an additional 29% by 2012 with Russia imports growing to 55% or more of the total. *Europe now depends upon
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Unformatted text preview: Russia for 44% of its natural gas (30% Algeria, 25% Norway); *By 2030, over 60% of EU gas imports are expected to come from Russia with overall external dependency expected to reach 80%. Bottom line is simple; Europe depends heavily upon Russian Oil and Gas and this dependency is increasing. Another point is that while Oil can be imported via ship if needed, natural gas cannot. It must be delivered via pipeline. GRI Newsletter, January 2009 © Roger K. Young 2009 all rights reserved...
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