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Fuel shortages fuel energy crisis
The article addresses the global energy supply crisis resulting from disruptions in the oil and refined products market, particularly diesel, jet fuel, fuel oil, and liquefied natural gas. European diesel prices are approaching $200 per barrel, while declining refining capacities in the Gulf and Russia, coupled with China's reduced ability to export refined products, are widening the gap between crude oil and product prices and shrinking inventories. Additionally, the disruption of Qatari gas exports through the Strait of Hormuz exacerbates the shortage of liquefied natural gas supplies, with prices soaring to over $140 per barrel equivalent, further fueling inflationary pressures on industrial, electrical, and heating costs. Amid this crisis, diesel prices in the United States are rising sharply, and supply disruptions are expected to push crude oil prices above $100 per barrel. The shortage of essential refined products for transportation and industry heightens inflation risks and increases the cost burdens on markets and households.
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