Ditch frivolous journeys and work from home: What countries are doing to fight oil price spikes

"Oil prices rose above $100 a barrel for the first time in four years over the weekend, following significant disruptions to shipments through the Strait of Hormuz since the outbreak of the war. About 20% of the world's daily oil supply passes through the sea passage, meaning that disruptions can have an outsize impact on global energy markets."

"The Philippines has taken several measures in order to bring down energy use, including a four-day workweek for government staff and orders to cut the use of electricity and fuel costs in government agencies. Government offices were told last week to implement flexible working arrangements where practical, turn off lights and computers during lunch breaks, and adjust air conditioning unit thermostats to no lower than 75 degrees."

"Thailand has already said it will stop exporting fuel to maintain domestic supplies, while other countries around the world are imposing restrictions and issuing advice to citizens in the face of the crisis. From work-from-home arrangements to suggestions to avoid non-essential journeys, here are some of the steps being taken to reduce the impact of the oil price spike."

Global oil prices exceeded $100 per barrel for the first time in four years due to supply disruptions from the Iran war affecting the Strait of Hormuz, through which 20% of daily world oil supply passes. Countries heavily dependent on Middle Eastern oil face particular vulnerability. Governments are implementing various mitigation strategies to reduce energy consumption and protect domestic supplies. Thailand is halting fuel exports to preserve domestic reserves. The Philippines implemented a four-day workweek for government employees, reduced electricity usage in government offices, and adjusted air conditioning settings. Multiple nations are issuing guidance to citizens about reducing non-essential travel and energy consumption to manage the crisis.

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