Asian countries will be able to withstand escalating fuel prices because the region's economies centre on China's hot market and their overall increase in household income, said energy experts.
"If the energy bill hits 5 percent of the consumers' pocket, people will be careful and fuel consumption will go down," said Wim Thomas, head of department of the Energy Team, Global Business Environment at Shell International Ltd, London.
"However, we are also seeing income growing in general. The market is here and the world can afford it," he told the Asia News Network at the sidelines of an energy seminar in Bangkok Friday.
Dr Cho-Oon Khong, Shell International chief political analyst, said that historically, Asian economies had been coping well from the spikes in oil prices.
"Asian economies are more resilient and things are beginning to centre on the Chinese economy. We are seeing more business cooperation among Asian neighbours in the energy sector. Things are picking up in South-East Asia," he added.
Viset Choopiban, Thailand's Minister of Energy, said in his opening speech at the seminar that his country is seeking more cooperation to develop natural gas resources from Burma and the Malaysia-Thailand Joint Development Area (JDA).
And hopefully, we will soon see gas development from the Cambodia-Thailand Overlapping Claim Area.
"We will also pursue the development of new hydropower project jointly with our neighbouring countries Burma and Laos," he said.
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