The International Energy Agency, one of the world’s most important energy groups, has issued 10 measures for governments, businesses, and households to take immediately as oil prices soar.
First on the list: Work from home where possible. This will reduce the use of oil used on commutes, the IEA wrote on its website on Friday.
Other measures the IEA suggests include reducing highway speed limits by at least six miles per hour, car sharing, cutting air travel, and using public transport more.
The IEA said that cutting down on business flights “can quickly ease pressure on jet fuel markets.”
The agency also suggests switching to electric cooking and shifting bi-fuel and converted vehicles from liquefied petroleum gas (LPG) to gasoline where possible.
The price of Brent crude, the international oil benchmark, is around $106 per barrel on Friday, having risen to nearly $120 a barrel on Thursday following an attack by Iran on a major liquefied natural gas complex in Qatar.
The war in the Middle East continues to disrupt global supply chains, sending oil prices above $100 a barrel for the first time since 2022.
“The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe,” IEA Executive Director Fatih Birol said in a statement.
The IEA advises governments and businesses on how to ensure energy systems are stable, sustainable, and affordable. The agency comprises 32 member countries, including the US and the UK.
It warned that the new measures, while potentially effective, cannot completely offset the disruption to the energy markets caused by the war.
“They can play a meaningful role in lowering costs for consumers, reducing markets strains and preserving fuels for essential uses until normal flows resume,” it said.
Some countries have already taken measures to reduce energy use, especially those reliant on oil from the Middle East. The Indian government said in early March that non-domestic supplies from imported LPG were being prioritized for essential sectors.
The spike in crude has led to rising fuel costs for Americans. Although the US has not issued any guidance on how to lessen the impact, Business Insider’s Sarah E. Needleman and Tim Paradis reported that some companies are allowing employees to work more from home.
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