The oil-dependent world is in crisis. Ship traffic in the Strait of Hormuz – through which more than a quarter of global seaborne oil trade and a fifth of the world’s liquefied natural gas flow – is at a virtual standstill. Oil prices have climbed, briefly topping US$119 a barrel.
The largest release of oil from countries’ strategic reserves in history is under way, in an effort to ease prices. But even so, billions of people are dealing with surging energy prices and spiking food and fertilizer costs. Governments are scrambling for alternatives, too. To reduce energy demand, Sri Lanka has declared every Wednesday a holiday for public officials, Myanmar is limiting private vehicle use to every other day, and Bangladeshi colleges have canceled classes.
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