IEA offers 10 ways to reduce global oil demand as gas prices rise

The International Energy Agency released a report on Friday detailing ten steps governments and consumers could take collectively to reduce demand for oil, warning that sky-high gasoline prices could spike further as it approaches. of the peak season.

Traffic is bumper-to-bumper on the inner loop of the Beltway and heavy on the outer loop during the evening rush near the American Legion Bridge July 27, 2021 in McLean, Virginia. (Katherine Frey/The Washington Post via Getty Images/Getty Images)

The IEA is an autonomous organization made up of more than 30 member countries that operates under the aegis of the Organization for Economic Co-operation and Development (OECD).

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Most of the world’s advanced economies are members of the IEA, including the United States, Japan, Germany and France. China and India are affiliated “associate countries” but do not have voting rights.

In his report, the IEA says “urgent action” must be taken now to reduce the use of fossil fuels, and claims that if the world’s advanced economies “fully” implement its recommendations, oil demand could be reduced by 2.7 billion barrels within four months. The organization claims that this amount is enough to supply each car with China.

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“Following Russia’s appalling aggression against Ukrainethe world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” IEA Executive Director Fatih Birol said in a statement announcing the deployment of the proposal.

IEA Fatih Birol

International Energy Agency Executive Director Fatih Birol speaks during a session on the fifth day of the UN Climate Summit COP26 in Glasgow on November 4, 2021. (DANIEL LEAL/AFP via Getty Images/Getty Images)

“IEA member countries have already stepped in to support the global economy with an initial release of millions of barrels of emergency oil stocks, but we can also take action on demand to avoid the risk of a crippling oil crisis,” Dr. Birol continued. “Our ’10 point plan’ shows that this can be done through measures that have already been tried and tested in several countries.”

Here are the actions planned by the plan:

  1. Reduce speed limits on highways by at least 10 kilometers per hour, or about 6 miles per hour.
  2. Work from home up to three days a week when possible.
  3. Prohibit the use of private cars on Sundays in major cities.
  4. Reduce the price of public transport while encouraging walking and cycling to destinations.
  5. Prohibit the use of private cars on certain days of the week in major cities.
  6. Encourage carpooling.
  7. Promote efficient driving for freight trucks.
  8. Whenever possible, use high-speed and night trains rather than planes.
  9. Avoid business air travel where other options exist.
  10. Strengthen the adoption of electric and more efficient vehicles.

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The IEA also acknowledged that increasing oil supply and suspending gasoline taxes would help lower prices at the pump.


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Felix J. Dixon