Why the Philippines Declared a "National Energy Emergency": An Oil-Price Shock from the Iran War and Domestic Friction
After fuel prices surged and supply anxiety grew following the Iran war, the Philippine government declared a "national energy emergency" and granted emergency powers for one year. With 45 days of reserves, a plan to procure an additional one million barrels, and transport labor unions signaling strikes, a typical pathway is emerging in which an external shock spills into domestic social and political conflict.
“After fuel prices surged and supply anxiety grew following the Iran war, the Philippine government declared a "national energy emergency" and granted emergency powers for one year. With 45 days of reserves, a plan to procure an additional one million barrels, and transport labor unions signaling strikes, a typical pathway is emerging in which an external shock spills into domestic social and political conflict.”