"Sri Lanka and Myanmar are rationing fuel. The Philippines has instituted four-day workweeks to conserve gasoline and electricity. Bangladesh briefly closed its universities to reserve power for homes and businesses. Across India, families and restaurants are cooking over wood fires for want of gas. Airlines are canceling flights."

"As painful as the first phase of the energy crisis set off by the war with Iran has been, what comes next will be worse. This week, the final deliveries of oil and liquefied natural gas to Asia that passed through the Strait of Hormuz before it was closed are expected to arrive. The last tanker shipments to Europe should land by mid-April. After that, many countries’ reserves of gasoline, diesel, liquid petroleum gas and natural gas will dwindle. The price of oil could soar as high as $200 a barrel if the war drags on."

Meanwhile, China -- which leads the world in battery technology production -- stands to massively gain from all this oil shock.

"As the Philippines declared a national energy emergency on March 24, car shoppers in Manila were crowding into showrooms of the Chinese carmaker BYD and purchasing E.V.s ."

Of course, here in the US we've largely said that we're just gonna keep making gas guzzlers and forget about all those pledges we made to invest in electric vehicles. Consumers in the US would be flocking to those BYD cars too if import duties didn't make them prohibitively expensive. Most of the big car makers in the US are hopelessly focused on people who don't bat an eyelash spending $60,000 (base price) for a new car or truck.

nytimes.com

(www.nytimes.com)