Empire of Sunk Costs

Rust-corroded industrial pipeline joint with flanges and bolts, symbolizing aging energy infrastructure.

The pipelines were laid. The giants were drilled. The costs were politically absorbed and historically erased. Europe mistook inheritance for permanence. Now reservoir pressure falls, Arctic math intrudes, and capital demands repayment. Russia’s petro-power was real — but much of it belonged to a vanished system that cannot be rebuilt.