In the eight seasons that Alexis was on Dynasty, she has done some pretty horrible stuff, but nothing is worse than Alexis’s “original sin” - causing Krystle to miscarry her first child. When Alexis returned in Season 2, her real goal was to regain her position as Mrs. Carrington. (Still never sure whether she loved Blake or the mansion more.) Alexis did have one advantage over the new Mrs. Carrington - she had given Blake 2 children (we later learn that it turns out to have been 4 children). Now, Krystle is pregnant, and if she gives birth to Blake’s child (one that Blake may favor over Steven), Krystle will have cemented her position as Mrs. Carrington and Alexis will have nothing.
Alexis will not allow that - but to cause Krystle’s accident in the hopes that Krystle would lose the baby - can any other woman do that? Alexis did. There really is no other reason why she shot that gun to spook Krystle’s horse. After the fact, Alexis realized what she really did and tried to cover her tracks, but she is eventually found out, and when Blake learns - any hopes of reconciliation with Blake are dashed forever.
Alexis’s actions will continue to have negative effects for Krystle as she starts having headaches a few years later. The headaches are a result of a dangerous brain condition that was caused by the “accident” in Season 2. In effect, one can argue that Alexis was responsible for putting poor Krystle in that coma. I mean, an aggressive prosecutor would charge that. But, now I am digressing. Alexis did the unforgivable here, and she never really suffered any consequences for it. I mean, other than being forced to turn to Cecil and becoming a wealthy woman when he died right after their marriage. I would like to suffer consequences like that.
One side note - I love Alexis’s outfit in this scene. Still doesn’t excuse her though.
From Episode 19 “Viva Las Vegas”