Even Germany's vice chancellor Sigmar Gabriel realizes that there is no alternative to Russian gas for Germany, at least not in the near future. It should be noted to this that Germany's energy policy has driven energy prices to the very edge of what the population and industry can still handle. On the one hand, there is the vast subsidization of 'green energy', which is not only thoroughly uneconomic and blithing the landscape but the costs of which have been off-loaded on consumers, who pay a special 'ecological fee' on top of their already far too high bills. On the other hand, after the Fukujima accident, Germany's government quickly gave in to pressure from the Greens and decided to completely phase out nuclear energy (as if Germany were in danger of being hit by a tsunami). This is of course a completely futile gesture, as the country is surrounded by other countries brimming with nuclear reactors over which it has no control whatsoever (admittedly, even one nuclear accident would be one too many). However, this hasty step has once again made electricity more expensive. Fracking also remains forever stuck in the 'debating stage' in Europe, with resistance organized by various NGOs growing steadily.

As Gabriel remarked:

“In the debate over Europe's dependence on Russian natural gas it is often falsely pretended that there are many other possibilities. This is incorrect.”

Moreover he warned of scaremongering and misplaced fears that Russia would stop its  deliveries, arguing that “even in the dark times of the Cold War, Russia has always fulfilled its contractual obligations.”

This insightful observation was followed by a succession of hollow phrases about how EU foreign policy must 'not be guided exclusively by economic interests'. Right. Still no alternative to Russian gas though. Tough titty, as they say. Moreover, as Gabriel rightly points out, it isn't a problem anyway.

German vice-chancellor Gabriel's letting his gaze roam in the distance searching for alternative gas sources, and not finding any.

(Photo via AFP)

Oil and Gas Reserves Infographic

We have come across a neat infographic published by RIA Novosti on the countries harboring large oil and gas reserves – all data are per capita and in USD terms.

Global per capita oil and gas reserves, via RIA Novosti. Note: we replaced the original German legend with an English one, but left the country names in German. Replacing them would have been too much work and they are easily recognized anyway – click to enlarge.