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About This Document: Another key development on the road to the cartelization of the global energy supply was the election of Vladimir Putin as Russia's president. Marking the end of the "times of trouble" in Russia, Putin's unwavering goal has been to restore the country's power and international prestige. His strategy was based on an idea that even Russia's most liberal democrats had advocated for years: renationalization of the energy sector to provide steady government revenue. During the Putin presidency and now under Dmitri Medvedev, Russia reconsolidated state control over its energy sector. Through political pressure, hard bargaining, and the selective use of law enforcement-as in the case of jailing Mikhail Khodorkovsky, the owner of Yukos-Putin and Medvedev have made Russia's energy resources the critical component of the country's national security strategy.To maximize influence in Europe and the "near abroad," Medvedev will follow Putin's renationalization of Russia's " energy with a page from the Arab playbook: the cartelization of natural gas. Russia controls the world's largest supply of natural gas, with nearly twice the reserves of Iran, the second largest producer. In 2007, Gazprom, a de facto national monopoly, controlled 85 percent of all Russian natural gas exports. This year it will invest over $20 billion in natural gas production and transportation.The security implications are potentially devastating for the United States and the European Union. Russia has natural gas reserves estimated at close to 47.9 trillion cubic feet. Add to that the reserves of Central Asia and Iran-Iran holds 24.8 trillion cubic feet-and this new cartel will be able to control the price of natural gas. Russia and Iran are already cooperating over their energy interests. OnJuIy 13, Gazprom signed an agreement with NIOC to help Tehran develop its oil and gas fields. In a meeting with Iran's President Mahmoud Ahmadinejad, Aleksei Miller, CEO of state-controlled Gazprom, pledged his company'

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Categories: DocStore > Periodicals > Social Sciences
Tags: American Conservative, Jul 28, 2008, Power Failure, Michta, Andrew A, Feature, Supply & demand, Price increases, Economic conditions, Energy consumption, Energy shortages, Energy policy, Energy resources

Power Failure Power Failure Andrew

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