Greece-Turkey Pipeline to End Russia's Dominance on Gas and Oil

Currently Greece and Turkey are working on a pipeline across the Aegean Sea that could privode the EU with an alternative supply of gas and oil. What does this mean for the EU, Russia, and the rest of the world?

Russia is currently the world's biggest gas and oil producer and according to The Turkish Daily News, "...accounts for more than 40% of EU gas imports and 80 % of Greece's fas-growing gas needs.:" America has often accused Moscow and its engery giant OAO Gazprom of using their oil and gas pricing as a weapon against nearby states like Georgia and Belarus. So what does this mean for Russia? It means that Russia is going to make a rather large effort to be a part of the Greek-Turkish pipeline. Currently Andreas Christodoulakis, a spokesman for Greek gas company DEPA, declared that there is no current agreement between Greece and Russia pertaining to the pipeline but that Russia continues to press for access to the Greek Interconnector.

For Greece and Turkey, the pipeline could make both countries "regional power brokers". The Interconnector would diverisfy Europe's fuel imports by being one of the only non-Russian options. While Russia has a lot to lose with the pipeline, Greece and Turkey have everything to gain. So with this new trade option, an almost monopoly would be elimiated and a more competetive market would be put into place. This has the potential to lower gas and oil costs not only in Europe, but throughout the world because when there is a product in such high demand like gas and oil, a competition can greatly benefit the consumer. The European Union has such faith in the Turkey-Greece Interconnector that it has been willing to fund over 40% of the costs that will ultimately be over $320 million dollars.

So is this freer market going to be better for the EU, Greece, Turkey, and consumers? That is still yet to be determined, but a little competition always made for an interesting fight.