The Perils of Relying on Foreign Fuels

Russia-Ukraine gas crisis intensifies as all European supplies cut off

But analysts point out that, since the last serious crisis broke out in 2006, Europe has done very little to avert shortages. Instead of creating an integrated market, drawing on alternative energy supplies, countries have simply drawn up individual contracts with Gazprom, increasing dependence on Russia.

This could be a hell of a lot worse than $4/gallon gasoline.