Rich economies now use only about half as much oil for every dollar of economic output than before this effort was launched. The development of new economies has also shifted the focus away from energy-intensive manufacturing and toward information technology services. While all countries in emerging Asia have been pursuing the path of industrialization, the record of fuel efficiency has been mixed. But many in the region are still heavily reliant on oil imports. The switch away from oil had not been a policy priority in the past and governments even subsidized its use because of the politically sensitive cost of energy.
Some Asian countries receive natural insulation from an increase in petroleum prices.
Most recovering Asian economies, however, remain vulnerable to persistent higher oil prices due to their dependence on the product. Countries that subsidize oil, e.g., India, are also facing the pinch. One direct casualty is their import bill, a large chunk of which typically pays for oil purchases. In Korea, for example, oil accounts for more than a fourth of total imports as manufacturing industries form that country's economic backbone. Since the price of oil rocketed beginning 1999 due to production cutbacks coupled by an Asian economic recovery, the country's trade position visibly deteriorated because of the required greater import outlays.