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Oil jumps to $114 per barrel with UAE gas halt, Ed Krassenstein warns
The United Arab Emirates has halted gas production and suspended operations at major natural gas facilities, according to Ed Krassenstein. This announcement comes as global oil prices surge to $114 per barrel while gasoline rises to $3.88 per gallon, which Krassenstein notes is $0.75 higher than when Biden was in office.
Krassenstein links these rapid energy price increases to actions taken by former President Trump, warning of a developing world energy crisis.
Krassenstein’s assessment of the current disruption in gas production shares clear parallels with his previous reporting on former President Trump’s assertion that high oil prices were a strategic advantage during his administration, as detailed in an earlier analysis. Additionally, the mounting geopolitical risks underlying today’s surging energy costs recall his coverage of Iran’s deployment of mines in the Strait of Hormuz and the subsequent market volatility, explored in his report on threats to oil transit routes.
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