Oil could make the crisis in Europe so much worse

Over at the Oil Drum, Gail Tverberg argues that Europe is getting hammered by soaring oil prices harder than just about anywhere else. Not good news for a continent already mired in recession. And the graph below is especially striking — the euro zone countries with the worst trade imbalances (and, not coincidentally, the worst debt crises) are also particularly dependent on foreign oil and gas:

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