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Iran’s strike on Qatar’s Ras Laffan gas facility will cut an estimated 17% of the country’s Liquefied Natural Gas export capacity for up to five years, officials say. . The damage is a major blow to the global energy market, which could disrupt supplies to Europe, Asia and beyond.
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The U.S. is the world’s largest producer of natural gas, but it does not build ships capable of transporting liquefied natural gas, or LNG. That creates an absurd situation: The U.S. exports LNG on foreign carriers to more than 30 countries, but not to some part of the U.S. This is because of the Jones Act, a century old law requiring cargo shipped between U.S. ports to travel on American-built ships. “You might think, ‘Well, seems like an easy problem to solve. Go build the ship, transport the
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The U.S. is pushing to reopen shipping lanes along the Strait of Hormuz, where roughly 20% of the world’s oil and liquefied natural gas pass each day. CBS News' Imtiaz Tyab explains how Iran could raise the economic costs of the war by disrupting tanker traffic and impacting global energy markets. #news #us #iran
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