A national energy emergency in the Philippines, Asia struggling amid high oil prices

The Philippines declared a national emergency to combat skyrocketing energy costs, as countries across Asia begin relying on extreme measures to keep their economies from crashing. With oil prices floating in the range of $90 to $105 per barrel amid the month-long Israel- and U.S.-led conflict with Iran, many energy-poor Asian countries — including many U.S. allies — have come under pressure.
In the Philippines, the government has taken partial control over energy prices, and is fast-tracking new energy deals with alternative suppliers of oil. The country reportedly has reserves equivalent to around 40 days or normal usage.
Japan announced its largest-ever release of oil from its emergency reserves, which includes around a 30-day supply of oil. 
South Korea, meanwhile, has called on residents to take voluntary measures, including shorter showers and changing mobile phone charging habits.
All three countries are among the U.S.’s strongest allies in the region.

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