THANKS, VLAD!:

One particularly illuminating example is the speed at which Europe is moving to radically rethink its energy supplies. Long beholden to Russian imports of natural gas and oil, Europe is now grappling with the risks inherent in relying on energy from an adversary, to say nothing of the lingering feeling that every gas bill paid, every fill-up at the pump, is more fuel for Putin's war machine. Europe is quickly seeking ways to slash its dependence on Russian energy, rethinking the time horizons of climate targets, restarting coal burning power plants, building new liquid natural gas (LNG) import terminals, and securing new LNG supplies from the U.S., North Africa and the Middle East, as well as from its own domestic energy production.

The wheels of this energy transformation in Europe are already turning, but the reality is that this change will be a long-term project. New regasification and storage facilities will need to be built, and difficult decisions still lie ahead. It'll be a long slog and prices for consumers seem sure to rise. And while the arrival of spring has eased some urgency around supplies, some in Europe, such as the Italian government, have warned that while unlikely, it's not inconceivable that they might need to ration gas supplies to companies if Russian gas deliveries are stopped before they can be fully replaced.

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