In the first two weeks of the war, there has been a surge in the number of Americans looking to save money on energy-by asking for quotes on home solar systems and looking up electric vehicles online. We can expect similar trends in other countries. In India, where many kitchens depend on increasingly scarce and costly liquefied petroleum gas cylinders, consumers are racing to buy induction stoves.
The war in Iran has choked the world's supply of oil to a trickle, the International Energy Agency said in a new report released on Thursday. According to the organization, which tracks and helps set policy for the global energy sector, the widening conflict in the region has created an unprecedented disruption in the global oil market—one that will almost certainly force energy and other fuel-dependent costs to rise.
Energy is the lifeblood of our societies and our industries. And we're still highly dependent on fossil fuels. The world still gets about 80% of its primary energy from fossil fuels, the main source of greenhouse gas emissions driving climate change. That dependence makes economies and societies vulnerable to geopolitical shocks.
India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran's attempt to take global energy hostage.
After months of pressure over India's purchases of discounted Russian and sanctioned Iranian crude, New Delhi appears to have bowed to US President Donald Trump's demand by agreeing to phase out Russian oil imports and shift toward buying more barrels from the United States and potentially Venezuela. Trump said Monday on his Truth Social platform that Prime Minister Narendra Modi planned to "stop buying Russian oil," which the US president said would help end the war in Ukraine.
