Russia’s invasion of Ukraine has sent oil prices into a world of trouble, as worries over large-scale supply disruptions in an already uncertain market took hold.
With a looming global energy crisis on its mind, the International Energy Agency (IEA) has released a fuel report, recommending changes to travel and vehicle usage to address the world’s reliance on oil and points to ways to decrease oil production and use in the long term.
Recommendations include reducing speed limits on highways, adopting car-free Sundays and more electric vehicles, while the IEA also encourages more efficient driving for freights, increasing car-sharing and working from home more often.
Russia is the world’s third-largest oil producer and its largest oil and products exporter. The invasion of Ukraine has prompted many economies to try and find ways to reduce their reliance on Russian hydrocarbons.
“Surging commodity prices and international sanctions levied against Russia following its invasion of Ukraine are expected to appreciably depress global economic growth,” the IEA stated.
The full list of 10 actions and their projected immediate impacts are listed below. Measurements are in kb/d (one thousand barrels a day).
- Reduce speed limits on highways by at least 6.2 mph (10 km/hour) – Saves around 290 kb/d of oil use from cars, and an additional 140 kb/d from trucks
- Work for home up to three days a week where possible – One day a week saves around 170 kb/d; three days saves around 500 kb/d
- Car-free Sundays in cities – Every Sunday saves around 380 kb/d; one Sunday a month saves 95 kb/d
- Make the use of public transport cheaper and incentivize micro-mobility, walking and cycling – Saves around 330 kb/d
- Alternate private car access to roads in large cities – Saves around 210 kb/d
- Increase car sharing and adopt practices to reduce fuel use – Saves around 470 kb/d
- Promote efficient driving for freight trucks and delivery of goods – Saves around 320 kb/d
- Using high-speed and night trains instead of planes where possible – Saves around 40 kb/d
- Avoid business air travel where alternative options exist – Saves around 260 kb/d
- Reinforce the adoption of electric and more efficient vehicles – Saves around 100 kb/d
More From GOBankingRates