Middle East Crisis Economic Impact

Depressed Fishermen: “I’m Angry, But What Should I Do?”

The oil crisis has dealt a heavy blow to the fishing industry in Southeast Asia, reports The Telegraph. Warangkana Mongkoltriluk, whose operations in Thailand employ around 60 people, says that fuel now accounts for 80 percent of expenses. A month ago it was about 50 percent.

She says she is worried about the staff and that they will eventually not be able to fish unless oil prices fall.

– I’m quite angry, but what should I do?

Poor particularly vulnerable in the crisis: “Pushed further down”

The oil crisis in the Middle East is hitting people in the poorer countries of Southeast Asia particularly hard, reports The Telegraph. The Philippines and Thailand, among others, are heavily dependent on oil that passes through the closed The Strait of Hormuz and also has small oil reserves.

80 percent of the oil that passes through the strait goes to Asian countries where households spend a larger share of their income on food and fuel than in other parts of the world. The poorest part of the population is the one that is affected first, says economics professor Puree Sirasoontorn.

– Those who already live below the poverty line are being pushed even further down.

According to Reuters, several Southeast Asian countries have begun to turn their attention to Russian oil.