Philippines Declares State Of Emergency, Energy Crisis Looms
The last time the world faced a similar threat of energy shortages was the Arab Oil Embargo of 1973 following the Yom Kippur War.
(Tyler Durden) – As we outlined in our recent analysis on Australia’s dangerous vulnerability to disruptions in the Strait of Hormuz, most of Asia is heavily exposed and faces an unprecedented energy crisis should the war in Iran continue to prevent safe passage of oil and natural gas from the Gulf. As Australia debates the potential for a national emergency, the Philippines has already declared one.
This week, Philippine President Ferdinand Marcos Jr. signed Executive Order No. 110, declaring a state of national emergency as a targeted measure focused on the energy sector in response to disruptions from the ongoing US-Israel war with Iran. Approximately 98% of all oil bound for the Philippines passes through the Strait of Hormuz.
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.
Read Full Article: https://www.thelibertybeacon.com/philippines-declares-state-of-emergency-energy-crisis-looms/
