Energy Blast - Sept 1, 2008

Hurricane Gustav has caused 96% of the oil production in the Gulf of Mexico to be shut off; Shell and Conoco also shutting down operations. Could Russia cut crude oil supplies to Europe? The country “is willing to use the oil weapon,” notes the Telegraph. Canada says it is seeing an increase in Russian flights near its airspace in the Arctic, as part of the Russian bid to claim territory in the energy-rich region. The Czech prime minister has urged EU members to stop making individual energy deals with Moscow if they want to break Russia’s energy monopoly. Prime Minister Vladimir Putin is attempting to speed up completion of the East Siberia – Pacific Ocean (ESPO) oil pipeline - Russia’s first pipeline to Asia.