The International Energy Agency, a group representing 31 advanced economies, has made 10 suggestions for cutting back on oil use after Russia’s invasion of Ukraine sent oil and gas prices soaring. The suggestions—while not terribly new (a 55-mile-per-hour speed limit was mandated during the 1973-74 oil embargo, for instance)—could cut global oil consumption by 2.7 million barrels a day within four months, the agency estimated. That’s almost as much as it expects global oil supplies to shrink because of sanctions and other deterrents to buying Russian oil. (For perspective, the U.S. used an average of 19.8 million barrels a day in 2021.) The recent spike in gas prices is unsettling household budgets around the country, particularly lower-income families that spend a higher proportion of their overall income on necessities like fuel. At the most basic level, there are two ways to relieve the price pressure—get countries other than Russia to supply more oil or burn through less gas. Here’s how the IEA recommends we do the latter: Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com.
