Speed limits should be cut by 6mph and governments should introduce “car-free Sundays” to stave off the biggest oil shock for decades amid a supply crisis sparked by the war in Ukraine, the International Energy Agency (IEA) has urged.
The group, whose members are developed countries including the UK, says the measures could cut oil demand by 2.7m barrels a day (mbpd) within four months if adopted by advanced economies.
Russia is the world’s largest oil exporter, but the IEA has warned about 3m barrels per day of its supplies could be cut off as traders shun its products, and with the US and the UK banning Russian oil imports.
This morning, the IEA is setting out a “ten-point plan” to cut oil use. As well as calling for a 10kmph reduction in the speed limit, it also recommends cheaper public transport to encourage uptake, use of high-speed trains instead of planes, and avoiding business air travel where possible.
The extraordinary recommendations echo the 1970s when speed limits in the US and the UK were reduced to reduce petrol consumption in response to the Arab oil embargo.
The IEA was set up in the 1970s in response to that supply shock, and many of its members are required to have oil demand restraint plans in place.
