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Stopgap Measures Aren't Enough to Halt Rising Gas Prices as the World Scrambles for More Oil
The agency said 32 member nations are releasing 400 million barrels of emergency reserves as crude tops $100 a barrel.
- A group of 32 nations in the International Energy Agency began releasing 400 million barrels of emergency oil reserves, the largest volume in its history, to combat rising prices amid the Iran war.
- Conflict has severely restricted transit through the Strait of Hormuz, the Persian Gulf's narrow mouth, trapping roughly 15 million barrels of crude oil and 5 million barrels of products daily—about 20% of global consumption.
- Global crude oil prices have surpassed $100 a barrel, while U.S. gasoline averages $4.06 a gallon, yet expert Mark Barteau notes these stopgap measures "are not adding up to enough oil to replace what's stranded."
- Governments worldwide are adopting energy-saving measures to offset rising costs; Indonesia has implemented a work-from-home day every Friday and will limit fuel sales at 50 litres per day starting April 1.
- European Union energy chief Dan Jorgensen urged member states to make "timely preparations in anticipation of a potentially prolonged disruption," as experts warn that increasing domestic production cannot solve the global shortfall.
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18 Articles
18 Articles
The Toronto Star+4 Reposted by 4 other sources
Stopgap measures aren’t enough to halt rising gas prices as the world scrambles for more oil
NEW YORK (AP) — Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war, which took a record amount
·Toronto, Canada
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Coverage Details
Total News Sources18
Leaning Left5Leaning Right1Center10Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 31%
C 63%
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