Hormuz Crisis Sparks Urgent Call to Boost UK Gas Storage

Energy associations and analysts are calling on the UK government to boost Britain’s gas storage capacity amid the new energy supply crisis that has choked oil and gas supply from the Middle East and sent energy prices soaring. Natural gas prices in the UK and Europe have jumped by more than 50% since the Iran war began, with 20% of global LNG supply offline in Qatar and the UAE, and Asia buying up spot LNG cargoes, outbidding European buyers. Currently, the UK storage capacity is about 0.9 bcm. “This means the UK…