The Philippines has become the first country to declare an energy emergency amid the war between the US, Israel and Iran.
The BBC writes about this.
President Ferdinand Marcos Jr. signed a decree declaring a state of emergency for one year with the possibility of extension. The government has already implemented a number of austerity measures: subsidies for drivers, reductions in ferry services, and a four-day workweek for civil servants.
The reason was the sharp increase in fuel prices due to the de facto blocking of the Strait of Hormuz, one of the key oil supply routes in the world. The Philippines is particularly dependent on the region: the country imports almost 98% of its oil from the Persian Gulf.
After the outbreak of hostilities, the prices of gasoline and diesel in the country more than doubled. In response, the government was given expanded powers to control the distribution of fuel, food, and medicine, as well as directly purchase petroleum products to build up reserves.
Energy Secretary Sharon Garin said the country has about 45 days of fuel reserves. The Philippines will temporarily increase its use of coal-fired power plants due to rising gas prices.
War in the Middle East
On the morning of February 28, the United States and Israel launched attacks on Iran. These attacks killed Iranʼs Supreme Leader Ayatollah Ali Khamenei and almost the entire military leadership of the country — about 40 key high-ranking officials. A new ayatollah was elected on March 8, and he was Mojtaba Khamenei (the son of the deceased Ali Khamenei).
Iran, in response to the US and Israeli attacks, has begun shelling US bases in Bahrain, Qatar, Kuwait and the UAE and firing missiles at Israel. Some Iranian drones and missiles have hit infrastructure and residential areas in Arab countries.
The war has halted tanker traffic through the Strait of Hormuz, a narrow sea corridor between Iran and Oman that connects the Persian Gulf to the Indian Ocean, sending oil, gas and precious metals soaring. On March 9, global oil prices topped $100 a barrel for the first time in nearly four years.
To keep prices down, the International Energy Agency has decided to release 400 million barrels of oil, and the US plans to release 172 million barrels of oil from its strategic reserve. On March 12, the US lifted sanctions on the purchase of Russian oil that was stuck at sea for 30 days, and a week later it gave permission for Iranian oil.
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