As prices for fuel and energy rise across the United States, residents are advised to reduce their fuel usage, both to lower their own bills and to help prices stabilize overall, CNBC reported.
According to the International Energy Agency, the U.S. is experiencing "the largest supply disruption in the history of the global oil market" because of the war with Iran, per CNBC.
Fuel prices are at their highest since 2022, having risen more than 40% since the beginning of the war Feb. 28.
There are several factors behind this increase, including loss of access to oil-producing areas and traders reacting to the risky political situation.
However, the largest factor, according to CNBC, is the effective closure of the Strait of Hormuz, which connects the Persian Gulf and the Gulf of Oman. Normally, about one-fifth of the world's oil trade passes along this route.
Many countries are tapping into their oil reserves to help address the shortage. The IEA agreed to release a historic 400 million barrels.
However, even breaking open the reserves is not enough to make up for the shortfall and keep prices down.
For this reason, the IEA recommended reducing demand as well as increasing supply.
"Addressing demand is a critical and immediate tool to reduce pressure [on] consumers by improving affordability and supporting energy security," the IEA said in a press release.
To achieve that, the agency recommended working from home instead of traveling to the office. If you have to travel, carpooling or using public transportation is better than driving alone. Avoid nonessential air travel.
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Multiple countries, including Spain, Italy, and Germany, are also looking to ease taxes on fuel to reduce the burden on consumers, CNBC reported. These measures are designed to limit inflation and avoid mounting costs for everyday citizens.
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