Regardless of Russia's intent, economist David H. Wang told BloggingStocks Tuesday Russia's move is a mistake, both politically and economically. "The behavior is totally unacceptable. This will seriously hurt Gazprom's reputation and the international corporate stance toward [President Vladimir] Putin's Russia," Wang said. "It will also provide increased public support in Europe to develop nuclear power and alternative energy sources. Europe's economy can not be held hostage to Russia's political moves."

Of the European states, France is the most energy self-sufficient, with a massive network of nuclear power plants. Conversely, Germany, with a large environmental lobby, is the least energy self-sufficient. Wang expects the later to change in Germany, and throughout Europe, stemming from Russia's natural gas tap turn-off.

"This will provide a major boost for energy self-sufficiency in Europe, and probably for nuclear power, as well. The E.U. now realizes that natural gas dependency on Russia is not feasible for the future, given Russia's unpredictable policies and power play tactics. Europe will decide it needs to be energy self-reliant," Wang said.

Energy Analysis: Suddenly, being dependent on natural gas from Russia doesn't look like such a good idea. Further, the situation in Europe -- widespread shortages of critical energy in the winter because of a power play by Russia -- should be a lesson for the United States: end the nation's dependence on foreign oil. Don't be energy dependent: develop renewable energy sources and increase conservation efforts, so that the nation will never again be held hostage by its energy policy. A failure to do so will result in the U.S. incurring a terrible predicament that Europe currently faces.