SO the latest news is that President Vladimir Putin of Russia has threatened to turn off gas supplies to Ukraine if Kiev doesn’t pay its overdue bill, and, by the way, Ukraine’s pipelines are the transit route for 15 percent of gas consumption for Europe. If I’m actually rooting for Putin to go ahead and shut off the gas, does that make me a bad guy?
Because that is what I’m rooting for, and I’d be happy to subsidize Ukraine through the pain. Because such an oil shock, though disruptive in the short run, could have the same long-term impact as the 1973 Arab oil embargo — only more so. That 1973 embargo led to the first auto mileage standards in America and propelled the solar, wind and energy efficiency industries. A Putin embargo today would be even more valuable because it would happen at a time when the solar, wind, natural gas and energy efficiency industries are all poised to take off and scale. So Vladimir, do us all a favor, get crazy, shut off the oil and gas to Ukraine and, even better, to all of Europe. Embargo! You’ll have a great day, and the rest of the planet will have a great century.