The oil price is very high due to a sum of factors. For fear of shortages, there is already a lot of hoarding, the United States has imposed a boycott on Russian oil as punishment for the invasion and oil companies are hesitant to buy Russian oil. For example, Shell recently decided – under public pressure – to stop importing oil from Russia.
Boycott European Union?
On top of that, there could be a boycott of the European Union. EU foreign affairs chief Josep Borrell wants to investigate whether this is a possibility, reports, among others, Reuters news agency.
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Such a boycott would only push the oil price further. time for action, warns the IEA† The institution looks forward with trepidation to July and August, when global demand for oil is at its peak.
2.7 million barrels
The risk of oil shortages could be reduced if all developed economies implemented the ten ideas the IEA has come up with. This would reduce oil demand by 2.7 million barrels per day within four months. That’s about as much fuel as it takes to run all cars in China, the IEA says.
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If emerging economies take the same measures, there will of course be even more savings.
The ten measures:
- Reduce the speed limit on highways by at least 10 km per hour.
- Work from home three days a week if possible.
- Car-free Sundays in major cities.
- Make public transport cheaper, encourage walking and cycling.
- Limit car use in major cities. For example, with a driving ban on certain days for cars with an odd number in the license plate, alternating with a driving ban for people with an even number.
- Promote carsharing and fuel-efficient driving methods.
- Load trucks as efficiently as possible.
- Promote high-speed and night trains as an alternative to the airplane.
- Avoid business trips if online meetings are available.
- Speed up the transition to electric driving.
If the ideas are implemented, it will not only prevent an energy crisis and associated economic damage. It’s also good news for the fight against climate change, the IEA said. And, not unimportant: it affects the Russian treasury, which is largely filled with income from fossil energy.
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