Surviving the energy crisisThe current war between the United States and Iran is potentially one of the most serious economic threats in history. Fatih Birol, the head of the International Energy Agency (IEA), recently said that politicians and even the global oil market were still underestimating the scale of the crisis. The Iranian attacks in the Persian Gulf and the Strait of Hormuz have caused havoc among shipping and energy companies. Another lesson is that the Philippines should prioritize diversification of its energy sources by drastically lessening its dependence on crude oil-based products. Then, the exploitation of renewal energy like solar, wind and geothermal should be encouraged by the government through subsidies, tax breaks and financial incentives.

Source: Philippine Star March 25, 2026 16:39 UTC