Europe’s suppliers could decide to just save their energy

What if they leave the oil and gas in the ground? That unwelcome prospect emerged as the world’s leaders tiptoed round President Putin last weekend, like postmen negotiating their way past an irritable alsatian.

Efforts to coax the Kremlin into ratifying the Energy Charter, a commitment to free energy markets, are losing momentum. Mr Putin berated the West on Sunday for demanding access to Russian export pipelines while offering no better access to Europe’s makets in exchange. He sees no energy crisis; oil revenues are bursting the Kremlin’s coffers. Why open the door to multinationals and flood Europe with more fuel?

While Mr Putin barked, the G8 leaders failed to notice the sound of a door shutting in Algeria, the second-largest importer of gas into Europe.
The Times