(NewsNation) — As Americans brace for an indefinite period of inflated gas prices, some analysts say Europe may pay an even steeper price for any Russian oil embargo later this year.

“Putin knows that we can’t replace the supply he brings to Europe anytime within the next 3 1/2 years,” Mercator Energy founder John Harpole said Tuesday on “On Balance with Leland Vittert.” “It’s my opinion there’ll be rationing natural gas — that’s running for $72 a unit in Europe right now versus $4 here in the U.S.”

Prices have been climbing as the drum beat grew louder for an American ban on oil from Russia. Though European countries have not pledged to go as far with their sanctions, the markets have been spooked enough that prices are soaring to record levels.

For a time Sunday, the price of natural gas in Europe was equivalent to oil prices of nearly $600 per barrel.

The European Union imports 90% of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40% of EU gas and a quarter of its oil.

For well over a decade, the EU has felt increasingly stuck when it came to addressing its deteriorating relations with Russian President Vladimir Putin, but the prospect of leaving tens of millions shivering in the winter cold because of a dearth of fossil fuels or sky-high prices limited the political options.

The invasion of Ukraine was a gamechanger, and within two weeks, the EU has rallied to prepare a more robust energy policy. But it still hasn’t signed on to sanctioning Russian energy, even with the U.S. and the United Kingdom announcing bans on Russian oil imports.

Harpole said the EU’s reliance on Russian energy was a “trap” Putin had laid to protect against this type of embargo.

“It’s also important to note that prices for natural gas and oil in Europe were running up even before Russia invaded Ukraine,” Harpole said.