GoKawiilAs energy prices soar from the Iran conflict, the International Energy Agency is urging governments to cut energy use by taking up measures like remote work and reduced speed limits. The group warns the energy security crisis could persist for months, even if supply routes stabilize. "I believe the world has not yet well understood the depth of the energy security challenge we are facing," said IEA's executive director, Fatih Birol. "It is much bigger than what we had in the 1970s... It is also bigger than the natural gas price shock we experienced after the Russia's invasion of Ukraine." The BBC reports: Thirty-two countries are members of the IEA, including the US, the UK, Australia, Canada, Japan and 24 other European nations. Its role is to act as a global watchdog, providing analysis and recommendations on global energy problems, such as energy security and the transition to clean energy. The IEA's other suggestions for governments, businesses and individuals include: - Promoting use of public transport - Giving private cars access to city centres on alternate days - Encouraging car sharing and efficient driving habits - Avoiding air travel where possible, especially business flights - Switching to electric cooking It also said there should be a focused effort to preserve liquid petroleum gas for cooking and other essential uses, by switching bio-fuel converted vehicles onto gas and introducing other measures to reduce its use. Birol said these proposals were in addition to action taken by IEA member countries earlier this month, when they agreed to release 400 million barrels of oil, 20% of its emergency reserves. Several countries in Asia have implemented emergency four-day workweeks and work-from-home mandates as they have been hit particularly hard from the conflict. Fortune notes: "Asia is particularly dependent on oil exports from the Middle East; Japan and South Korea respectively source 90% and 70% of their oil from the region."
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