Gas prices surged after climbing as much as 79% on Monday. European gas prices swung wildly after Russia threatened to cut supplies to Europe in retaliation for sanctions, and as the European Union scrambles to find alternatives. Deputy Prime Minister Alexander Novak warned late Monday that Russia could halt flows along the existing Nord Stream 1 pipeline to Germany. The EU is trying to get ahead of any such moves, mapping out a plan to cut its huge dependency on Russian gas. Benchmark Dutch gas futures surged more than 30% early on Tuesday, before paring gains to trade almost unchanged. The developments highlight the bloc’s urgency to wean itself off gas from its biggest supplier — and there’s no easy alternative. Europe was already dealing with an energy supply crunch due to low gas inventories, and the war has sent commodities prices across the board soaring to record levels. […]