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While public attention has understandably been focused on the spiraling cost of crude oil, relatively little heed has been paid to our increasing reliance on natural gas, which is likely to become the world's second leading energy source within the next few years.
"The growing dependence of the United States on gas has the potential to alter its political dialogue with Russia, a country whose 28 percent share of global natural gas reserves is made more significant by the instability of the other leading exporters, including Iran and Saudi Arabia," wrote Artem Agoulnik of the American Foreign Policy Council in an October 20 Washington Post column. "Western Europe already relies on Russia for more than a third of its natural gas needs, Finland and Slovakia for a full 100 percent of theirs. Even the United States is expected to substantially increase its imports of liquefied natural gas from Russia by 2025."
"Over the past several years," continues Agoulnik, "the Kremlin has emerged, virtually unchallenged, as the dominant global player in ...
Source: HighBeam Research, Russian-dominated "OPEC" in the making?(Insider Report)