The White House is targeting Putin and the oil majors for higher gasoline prices, as small businesses grapple with the fallout. FOX Business’s Jeff Fluke breaks down myths versus facts blaming Biden’s gas prices.
The International Energy Agency released a report on Friday detailing ten measures that governments and consumers can take collectively to reduce oil Demand, warning that extremely high gasoline prices could rise further as driving season approaches.
Traffic bumps into the inner ring of the Beltway and heavy on the outer ring during the evening rush near the American Legion Bridge on July 27, 2021 in McLean, Virginia. (Catherine Fry/The Washington Post via Getty Images/Getty Images)
The International Energy Agency is an independent organization made up of more than 30 member countries operating under the umbrella of the Organization for Economic Co-operation and Development (OECD).
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Most of the world’s developed economies are members of the International Energy Agency, including the United States, Japan, Germany and France. China and India are considered “federation states” but they do not have voting privileges.
in that TransferThe International Energy Agency says that “emergency measures” must be taken now to reduce fossil fuel use, and argues 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 says that this amount is enough to fuel each car China.
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“As a result of the appalling Russian aggression on Ukraine“The world may be facing the biggest oil supply shock in decades, with massive repercussions for our economies and societies,” International Energy Agency Executive Director Fatih Birol said in a statement announcing the proposal.
International Energy Agency Executive Director Fatih Birol addresses 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)
“The member states of the International Energy Agency have already stepped in to support worldwide With an initial release of millions of barrels of emergency oil stocks, but we can also take action on demand to avoid the risks of a disruptive oil crisis,” Dr. Birol continued. Our “10 Point Plan” shows that this can be done with measures that have already been tested and proven in multiple countries.
Here are the actions required by the plan:
- Reduce highway speed limits by at least 10 kilometers per hour, roughly 6 miles per hour.
- Work from home up to three days a week if possible.
- Banning the use of private cars on Sundays in major cities.
- Lower the price of public transportation while encouraging walking and cycling to destinations.
- Banning the use of private cars on certain days of the week in major cities.
- Motivating car sharing.
- Promote efficient driving of freight trucks.
- Use high-speed and night trains instead of planes where possible.
- Avoid air travel for business as there are alternative options.
- Adoption promotion Electrician and more efficient vehicles.
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The International Energy Agency has also acknowledged that an increase in oil supply and a suspension of gas taxes will help lower prices at the pump.