Source: Fortune.com
Summary
Indian Prime Minister Narendra Modi is reintroducing work-from-home arrangements and urging citizens to reduce fuel consumption due to the war in Iran disrupting oil supplies. Modi asked Indians to work from home, use public transportation, limit international travel, and reduce fertilizer use. The measures aim to conserve oil and other resources. The Indian stock market reacted negatively to the austerity measures. Other Asian countries, such as Vietnam and the Philippines, have also implemented measures to reduce fuel use.
Our Reading
The numbers tell one story.
India’s oil imports are 85% of its fuel use, with half of its crude imports and 60% of its liquefied natural gas imports passing through the Strait of Hormuz. Modi’s appeal to work from home is meant to reduce commuting in private vehicles. Investors reacted negatively to the austerity measures, with the Indian stock market falling sharply. The war in Iran has slowed traffic through the Strait of Hormuz, affecting oil supplies to India.
When a country’s oil lifeline is cut off, patriotism becomes a matter of daily habits.
Author: Evan Null
