Fuel Crisis: Record Fuel Prices in Hong Kong, Workdays Cancelled in the Philippines

Hong Kong has reached record highs, with a liter costing almost $4. Denmark, Singapore, and Norway are close behind, with prices almost $1 per liter.

The Philippines has become the first country to declare a state of emergency due to a severe shortage of petroleum products. Workdays are being shortened or canceled, and traffic in cities has dropped sharply. Energy conservation is a top concern for many other governments as well.

South Korea is urging citizens to shower as little and as quickly as possible. They are preparing to ban the export of petroleum products, which will lead to a halt in chemical production. Japan has withdrawn 80 million barrels from its strategic reserves: enough for only a month and a half. Vietnam has 20 days' worth of oil reserves left.

India has run out of liquefied natural gas (LNG). Restaurants are closing, and endless queues for cylinders form in cities. New Zealand and Australia have fuel reserves for several weeks, but many gas stations are already running low. Governments are beginning to ration fuel: a law that hasn't been enforced for 45 years