Soaring Energy Stocks May Be Bad Omen For Global Markets

A week ago, we reported that the rise in oil and gas prices triggered by the Ukraine conflict had raised the threat of the worst stagflationary shock to hit Europe since the 1970s. Europe is at high risk of plunging into a deep recession if Russia follows through with its threat to halt gas supplies.  The U.S. appears to be on safer ground thanks to its much lower reliance on Russian energy commodities. After all, only 1% of the country’s consumed oil comes from Russia. But that alone should not lull the world’s largest economy…