GAS PAINS: Russian energy giant Gazprom is spending billions to expand its footprint in Europe. But it will have to tread carefully As global natural gas supplies surge and prices fall, giving European utilities and businesses more leverage in supply contracts.

ENERGY EQUATION: While Europe will remain heavily dependent on gas from Russia for some time, its ability to demand better prices is improving as Gazprom faces competitive pressures around the globe.

FAMILIAR RIVAL: One of the biggest long-term threats to Gazprom comes from the U.S., where the country's natural gas industry has grown rapidly by tapping underground shale deposits.