Economic war with Russia is likely to keep prices high and send growth into reverse but specter of rationing is fading. There is no end in sight for Europe’s surge in energy prices. That could be just what the continent needs to avoid the devastating effects of having to ration natural gas this winter. This is because prices are so high—many times their level from last year—that they are forcing Europeans to save fuel and secure alternative supplies. That has resulted in rising gas reserves and a higher likelihood that the economy will shrink but not crash outright in the...
