IEA Suggests to Introduce 'Car-Free Sundays' Amid Soaring Gas Prices

Prices on European gas futures jumped to over $1,600 per 1,000 cubic metres shortly after US President Joe Biden pledged tough sanctions against Russia last month in retaliation for the beginning of Moscow's special military operation in Ukraine on 24 February.

The International Energy Agency (IEA) has rolled out a 10-point plan to cut oil use aimed at containing "the emerging global energy crisis", which the agency claims has been triggered by Russia's ongoing special military operation in Ukraine.

According to the IEA, the blueprint may cut oil demand by 2.7 million barrels a day (mbpd) within four months if adopted by advanced economies.

Unveiling the plan at a news conference on Friday, IEA Executive Director Fatih Birol referred to the Russian special operation as Moscow's "appalling aggression against Ukraine", due to which "the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies".

"IEA member countries have already stepped in to support the global economy with an initial release of millions of barrels of emergency oil stocks, but we can also take action on demand to avoid the risk of a crippling oil crunch. Our 10-Point Plan shows this can be done through measures that have already been tested and proven in multiple countries", Birol stated.

Aside from calling for a 10-kmph reduction in the speed limit on highways, the plan also contains a number of recommendations on "car-free Sundays in cities", the use of high-speed trains instead of planes, and avoiding business air travel where possible.

Additionally, the blueprint encourages the "uptake of electric and more efficient vehicles", promotes "efficient driving for freight trucks and delivery of goods" as well as increasing car sharing and adopting "practices to reduce fuel use".

Global Gas Prices on Rise

Gas prices in the US and the EU skyrocketed to record highs after Washington and Brussels slapped "severe" sanctions on Russia in response to its ongoing special military operation in Ukraine, restrictive measures that were called by Russian President Vladimir Putin a "declaration of war".

He announced the start of the operation to demilitarise and de-Nazify Ukraine on 24 February, following a request for help from the Donetsk and Lugansk People's Republics, which saw weeks of intensifying shelling by Ukrainian forces.

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