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https://thedriven.io/2026/03/24/electric-vehicles-will-steer-world-clear-of-oil-price-shock-twice-as-bad-as-the-1970s-birol/>
"The amount of oil lost already during the Iran war is equivalent to two price
shocks in the 1970s, but the rise and rise of electric vehicles along with
renewable energy means, this time, the world can weather it, says International
Energy Agency (IEA) chief Fatih Birol.
Some 5 million barrels of oil a day were cut from supplies during two oil price
shocks in the 1970s, which sent the world into recession, Birol said during a
National Press Club interview on Monday.
But IEA estimates are putting the damage from the latest conflict at 11 million
barrels a day.
The policy response in the 1970s was to mandate better fuel efficiency for cars
and support the rise of nuclear power – some 40 per cent of the current plants
were built as a response to those shocks, Birol says.
“This time, we will see the same or similar responses,” Birol says.
“And one of them, in my view, will be in the transportation sector [with the]
further and further push for electrification.”
“Five years ago, only 5 per cent of the cars sold in the world were electric.
And last year, 25 per cent of all the cars sold were electric.
“I expect in Australia and other parts of the world we will see further
electrification of the transportation sector.”"
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
