China Will Benefit From Cheap Russian Gas-Eventually

The "limitless" friendship between China and Russia notwithstanding, President Xi Jinping of China appears to be at least somewhat miffed at President Vladimir Putin of Russia. For a hint of why that might be, consider the energy sector. In theory, over the long run, Russia's isolation from its major oil and gas customers in the West could be a boon for China—particularly with regards to natural gas, since the two nations have already agreed to expand the existing pipeline network between them. But there is a problem: For now, China is a coal- and oil-powered economy, and the transition to…