{"id":484519,"date":"2026-03-19T19:32:16","date_gmt":"2026-03-19T19:32:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/484519\/"},"modified":"2026-03-19T19:32:16","modified_gmt":"2026-03-19T19:32:16","slug":"why-are-gas-prices-soaring-and-how-could-it-affect-you","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/484519\/","title":{"rendered":"Why are gas prices soaring and how could it affect you?"},"content":{"rendered":"<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Energy research and consultancy firm Wood Mackenzie said the Ras Laffan attacks &#8220;fundamentally reshape [the] global LNG outlook&#8221; and the timeline for recovery was &#8220;likely significantly extended&#8221;.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;Market expectations had been for a short disruption, with a controlled restart restoring supply to pre-conflict levels by mid-2026. That outlook now appears increasingly unlikely,&#8221; said Kristy Kramer, head of LNG strategy and market development.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Nick Butler, former head of strategy at BP and former adviser to Gordon Brown, agreed, that the market was now expecting things to get worse.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;This will almost certainly cut off a level of supply of LNG to the world market. The price of gas in the world market will therefore inevitably rise, because that gas can&#8217;t be substituted very quickly at all, and maybe not for a very long time.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">However, Favas said prices were still a long way off the peaks seen in the aftermath of Russia&#8217;s invasion of Ukraine.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The head of QatarEnergy told Reuters that Iran&#8217;s attacks had knocked out 17% of its LNG export capacity and the damage would take three to five years to repair.<\/p>\n","protected":false},"excerpt":{"rendered":"Energy research and consultancy firm Wood Mackenzie said the Ras Laffan attacks &#8220;fundamentally reshape [the] global LNG outlook&#8221;&hellip;\n","protected":false},"author":2,"featured_media":484520,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-484519","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/484519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=484519"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/484519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/484520"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=484519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=484519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=484519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}