Philippines declares Iran war poses 'imminent danger' — now it must lean on coal. Does the US face the same shockwave?
Yahoo Finance·2026-03-29 16:45

Group 1: Energy Crisis in Asia-Pacific - The Philippines has declared a national energy emergency due to the Iran war, marking the first country to do so, with fuel reserves dropping from 55-57 days to 45 days in less than a month [4][3] - South Korea has imposed a fuel price cap for the first time in 30 years and initiated a 100 trillion won ($66.5 billion) market stabilization program, alongside a 25 trillion won emergency budget [1][3] - Indonesia has assured the Philippines that there will be no limits on coal orders, as the country plans to temporarily increase coal usage, which already generates about 60% of its electricity [2] Group 2: Government Measures and Public Response - The Philippine government is providing 5,000 pesos (approximately $83) to motorcycle taxi drivers and offering free bus rides to students as part of emergency measures [3] - Emergency fuel purchases are being made, and the government is cracking down on hoarding while seeking permission to buy oil from sanctioned countries like Iran and Venezuela [3][4] - In India, panic buying of liquefied petroleum gas (LPG) occurred, leading to a 28% increase in domestic LPG production within five days [5][10] Group 3: Global Energy Market Impact - Japan has released 80 million barrels from strategic reserves, the largest release since the 1970s, to address supply issues, while also pressing the International Energy Agency for more reserves [5][11] - The national average for a gallon of regular gas in the U.S. reached $3.98, up more than a dollar since January, with diesel prices exceeding $5 nationwide [9][10] - Analysts warn that if the crisis continues, fuel shortages in Asia will likely spread to Europe by April, drawing comparisons to the 1973 Arab oil embargo [12][14]

Philippines declares Iran war poses 'imminent danger' — now it must lean on coal. Does the US face the same shockwave? - Reportify