Philippines declares national energy emergency as Asia risks energy crisis amid Iran war – ABC News – Breaking News, Latest News and Videos

Philippines declares national energy emergency as Asia risks energy crisis amid Iran war  ABC News – Breaking News, Latest News and Videos

The Middle East conflict has stifled global oil deliveries and spiked prices. The Philippines has declared a national energy emergency in response to the U.S.-Israeli war with Iran, marking the latest sign of strain in Asia as the Middle East conflict stifles oil delivery and threatens an energy crisis. Philippine President Ferdinand Marcos Jr. said in part that the ongoing war threatened "the availability and stability of the country's energy supply." The emergency declaration allows the Philippine government to exert control over fuel prices and fast-track imports from alternative suppliers, such as Russia. Philippine authorities say they have enough fuel to last about 45 days at typical consumption levels. The announcement comes a day after South Korea launched a nationwide energy-saving campaign, calling on people to ride bicycles for short trips and reduce the length of showers.

Japan, meanwhile, said Wednesday that it would soon begin releasing oil from its emergency reserve, equivalent to a 30-day supply. Thailand and Vietnam have also asked citizens to take steps to curtail energy use. Fatih Birol, the executive director of the International Energy Agency (IEA), earlier this week said the current oil crisis had surpassed the combined effect of worldwide energy shocks in the 1970s. The global economy faces a “major, major threat,” Birol said at an event in Canberra, Australia, noting that