The Strait of Hormuz Crisis Is Driving a Wave of Global Energy Rationing
South Korea saves ‘each drop of gasoline’
South Korea has ramped up its name for power conservation. President Lee Jae Myung urged residents to “save each drop of gasoline” in a parliamentary deal with this previous week.
“The present disaster will not be a passing bathe that shortly subsides, however relatively a large storm whose period is unsure, making it all of the extra extreme,” Lee said, calling on citizens to use public transportation.
The government has already taken other precautionary measures, including imposing a fuel price cap and implementing a fuel tax cut. It is also exploring other energy options to offset supply chain problems, including delaying the shutdown of coal-fired power plants and lifting caps on coal-fired electricity.
Korean Air, in the meantime, is instituting “internal cost-reduction measures,” with the possibility of flight cancellations.
Southeast Asian make money working from home
In late March, the Philippines declared a national emergency resulting from excessive oil costs, which had a significantly harsh affect on the nation as a result of it imports 98% of its oil from the Gulf.
