Price caps, taking the stairs, and short-sleeved shirts: How countries are coping with the Iran war energy shock

Core Insights - The ongoing Iran war is significantly impacting the global energy market, with countries implementing various measures to cope with the resulting energy shock [1][2] Group 1: Global Responses to Energy Crisis - Countries are imposing fuel export bans, loosening refining standards, and encouraging energy conservation measures, such as using stairs instead of elevators [2] - China has ordered refiners to halt refined fuel exports to prevent domestic shortages, affecting gasoline, diesel, and aviation fuel shipments [3] - Japan is considering capping gasoline prices at an average of 170 yen ($1.07) per liter, with potential increases to 200 yen per liter [4] Group 2: Specific National Measures - Japan has unilaterally released crude oil from its stockpiles to mitigate the impact of rising fuel costs, as it heavily relies on energy imports [5] - South Korea has implemented a petroleum price ceiling to manage domestic fuel prices amid the crisis [6] - India has directed oil refineries to prioritize liquefied petroleum gas supply for households over commercial use, reflecting the need to address domestic energy demands [6]