Asia embraces energy austerity as dire fuel shortages force Philippines to declare national emergency

(Stephanie Yang – Politico) As the war with Iran drags on, energy-starved nations in Asia –– including close US allies –– are resorting to increasingly extreme measures to keep their economies afloat. On Tuesday, the Philippines became the first country to declare a state of national energy emergency. South Koreans have been advised to take shorter showers and charge their phones during the day to conserve electricity. While Japan will begin its biggest-ever release of emergency oil reserves this week, and told citizens there was no need to hoard toilet paper amid growing panic over potential shortages of consumer goods. The intensifying upheaval is a grim indication of what may come for the rest of the world, as the war in Iran has choked off a critical source of crude oil and natural gas. Asian countries are heavily reliant on imports from the Middle East, which accounts for about 60% of the region’s oil supply. After the US and Israel attacked Iran last month, Tehran effectively blocked the Strait of Hormuz, the only sea connection between the Persian Gulf and the Indian Ocean, restricting one-fifth of the world’s energy supply. – Asia embraces energy austerity as dire fuel shortages force Philippines to declare national emergency | CNN