Energy agency: Speed limit and working from home to combat the oil crisis

The recommendations for mitigating the crisis focus on transportation, which accounts for 45 percent of oil consumption, the IEA announced in Paris.

More working from home, lowering the speed limit on roads and switching to public transport could reduce fuel consumption. For example, cars with even and odd license plates could be allowed to enter major cities on a daily basis, which would reduce traffic jams and fuel consumption, according to the IEA.

Additional savings could be achieved through car sharing, a more efficient driving style and improved efficiency in freight and delivery traffic.

IEA advises regulatory measures

Avoiding air travel can also reduce the need for oil during the crisis, the IEA said. Where possible, industry could try to switch to alternative raw materials as an energy source. Governments could lead by example through regulatory measures and targeted incentives and focus support on the consumers who need it most. Experience from previous crises has shown that targeted support mechanisms are more effective than broad-based subsidies.

The IEA member states had begun to release strategic oil reserves in order to stabilize markets that had been strained by the war. However, this alone could not fully compensate for the extent of the disruption, the IEA explained. Demand management is a crucial and immediately effective instrument to ensure a secure energy supply and reduce the pressure on consumers.