The Specter of an Oily Bear, Or, Geopolitical Challenges of the Modern Russian Petro-State

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For over one hundred years, Russia has been a major oil producer. Regardless of the type of government - Czarist, Communist, nominal Democracy - oil has played a significant role in Russia s economy as a valuable export commodity. With rapid industrialization following Stalin s consolidation of power, it also became a significant commodity for domestic use. Eventually, Russians figured out that the natural gas that was associated with its oil fields was also of great value, and it too became a domestic and export commodity. With its expanded Eastern European empire, Soviet Russia discovered that its abundant supply of petroleum and natural gas granted it significant economic clout over its client states. Following the fall of the Soviet Union and Russia s disastrous economic reforms of the 1990 s, growing state re-control of the oil and gas fields and distribution coincided with an increase in world prices. Russia found itself once again a superpower, only this time its coin of the realm was not military strength, but energy. However, to paraphrase Spiderman, with great power comes great responsibility, and the salient question regarding Russia s resurgent position is: Will Russia act responsibly?