South Korea's president urges citizens to "save every drop of fuel" and "use public transportation to address the energy crisis."

Energy shortages impact Asian economies, South Korea calls on the entire nation to save energy, and multiple countries enter crisis response mode. On Thursday, April 2, South Korean President Lee Jae-myung delivered a speech urging all Koreans to "save every drop of fuel" and announced a $17 billion emergency relief plan to mitigate the impact on households and businesses from rising fuel prices. This is one of the most direct crisis responses so far from a major energy-importing country in Asia. Meanwhile, highly energy-dependent economies such as India and Australia, which rely on Gulf energy supplies, have also taken urgent measures, signaling a comprehensive escalation in Asia's energy crisis response. According to analysts at JPMorgan, the energy shock waves triggered by the Iran war have first hit Asia, with Africa, Europe, and the United States (especially the West Coast states) expected to face pressure in succession. South Korea Enters Crisis Mode: $17 Billion Emergency Plan Implemented Lee Jae-myung used unusually grim language in his speech, describing the current crisis as one of the most severe energy shocks in history. He stated: I sincerely call on all citizens to actively participate in energy-saving actions in their daily lives, such as using public transportation and conserving resources. Lee Jae-myung also warned: The current crisis is not a passing shower that will quickly subside but an enormous storm of uncertain duration, making its severity even greater. The Lee Jae-myung administration has launched a package of emergency measures: price limits on fuel, expanded fuel tax reductions, and active efforts to seek alternative sources for key petrochemical products and fertilizer raw materials such as naphtha and urea. Meanwhile, Seoul announced postponement of coal power plant shutdowns and removal of limits on coal-fired power generation. Multiple Asian Countries Follow Suit, Global Petrochemical Supply Chain Under Pressure Crisis responses from other energy-importing economies in Asia are advancing simultaneously. India has requested its coal-fired power plants to maximize electricity output; Australian officials have urged the public to use public transportation instead of private cars, as fuel shortages in the country have risen sharply; This energy shock will not remain limited to the energy sector, but will transmit through basic raw materials like naphtha to downstream petrochemical supply chains, eventually affecting products such as plastics and infiltrating virtually all consumer goods. According to the founder of energy consulting firm KSG, since a vast range of global commodities depend on plastics for packaging and transport, the scope of affected daily items will be very broad, with shortages and price increases in petrochemical products gradually spreading to textiles, detergents, food, beverages, and other sectors. Schwartz, co-founder at supply chain analysis company Altana, noted that shocks in the petrochemical market have a "multiplier effect," meaning each cost increase will be amplified along the supply chain. Altana’s data shows that the Gulf region transports around $733 billion worth of petrochemical raw materials, intermediates, and finished products, which will further impact approximately $3.8 trillion worth of downstream goods, covering nearly all types of daily consumer items from toothpaste to towels. Risk Warning and Disclaimer The market has risks, investment must be cautious. This article does not constitute personal investment advice and does not take into account individual users’ specific investment goals, financial situation, or needs. Users should consider whether any opinions, views, or conclusions contained herein fit their particular circumstances. Investing based on this, responsibility is your own.