Work from home, avoid air travel to deal with higher energy prices, IEA says

FILE PHOTO: Oil, miniatures of oil barrels, oil pump jack and U.S. dollar banknote are seen in this illustration taken, Jun 6, 2023. REUTERS

The International Energy Agency (IEA), which this month agreed a record release of oil from strategic stockpiles to deal with the effects of the US-Israeli war with Iran, outlined on Friday proposals to ease oil price pressures on consumers, such as working-from-home and avoiding air travel.

The US-Israel war with Iran has driven up energy prices, causing concerns over inflation across the world.

The IEA said its proposals were actions that governments, businesses and households could take to ease the pain on consumers from the recent spike up in energy prices.

The IEA said such proposals included working from home, reducing highway speed limits by at least 10 kilometres per hour, and avoiding air travel if other means of transport were available.

"We have recently launched the largest ever release of IEA emergency oil stocks – and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy," said IEA executive director Fatih Birol in a statement.

"In addition to this, today's report provides a menu of immediate and concrete measures that can be taken on the demand side by governments, businesses and households to shelter consumers from the impacts of this crisis," added Birol.

The IEA agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices, with the US contributing the bulk of the supply.