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Many analysts think that Gazprom's "grip"on Europe has loosened. The company has been battered by the economic crisis, while the Continent is now coping with a glut of natural gas rather than scrambling for resources. But this is a cyclical crisis, not a structural one. Europe still needs gas, and Gazprom still wants to sell it. And although the times have changed, Europe's energy challenges have not gone away.

Before the economic crisis, there were two issues on the European gas-security agenda. The first was a projected supply deficit by 2020, ranging from 5 to 20 percent of demand. The problem was not Russian gas. Even if Gazprom met its production goals, the shortfall would still exist. The second was an ability to deal with disruptions. This was mostly a problem for Eastern...