Recent events have driven several countries to introduce measures of fuel rationing or effective tax hikes on higher incomes to reduce the pressures at forecourt pumps or oil heated homes.

Fuel rationing is defined as when governments restrict fuel purchases through daily caps, weekly limits, or odd-even rules, to preserve limited supply, although financial measures and ‘help’ to defined sectors is another form, creating differential pricing to reduce use.

As the Iran war continues, the blocking of the Strait of Hormuz, through which around 20 per cent of the world's oil and natural gas flows, has seen the Philippines declare an energy emergency, while Slovenia and Sri Lanka have already introduced rationing and South Korea and Australian states are urging conservation, as is the UK and other European countries. The UK is also in the process of effectively introducing differential pricing.

Although al these measures are in response to an emergency, there are already suggestions that at least some measures (such as differential electricity pricing) could be used to fund and encourage a switch to renewables. Is rationing on the agenda? So much depends on politics, but is a climate emergency is called, then all bets are off.

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