‘Five-alarm fire’: Energy expert says global oil and gas prices are not likely to decline soon
BNN Bloomberg
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Bob McNally, president of Rapidan Energy Group and a former White House energy advisor to George W. Bush told CTV News Channel on Saturday that the situation has turned into a “five-alarm fire across the entire economy,” following the global decline of stock markets.
Friday saw the stock markets shaken by the rapid climb of oil prices, a consequence McNally said U.S. President Donald Trump “went in knowing.”
“I’m not sure if he and his team realized how bad it would get,” he said. “I think anytime you see oil prices rise this fast they start to reverberate into the agricultural sectors, perhaps financial sectors, equity markets.”
McNally said the economic effects of this war that began when the United States attacked Iran in February could pose a political threat to Trump.
Oil prices around the world have been on the rise since Iran intensified its attacks on oil and gas infrastructure around the Gulf States – a response to Israel’s attack on an Iranian gas field. This could lead to a higher spike in oil and gas prices, and cause inflation since the war could shutter production for some time.
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