Denmark issues alarming statement over oil prices
Illustrative photo: Danes are being asked to limit car use (Pixabay)
Due to the sharp rise in oil prices amid the war between the United States and Iran, Denmark has urged citizens to reduce energy consumption as much as possible and avoid non-essential car trips, states Denmark’s Minister for Climate, Energy and Utilities, Lars Aagaard, according to CNBC.
"What the Danes should please, please, please do is that if there is any energy consumption that you can do without, if it is not strictly necessary to drive the car, then don’t do it," he emphasized.
The minister explained that saving energy will have two positive effects that will be felt by both citizens and the government. Therefore, conservation is essential.
"Firstly, it can be felt in the private wallet, and secondly, it can help stretch our reserves so that they last longer," he concluded.
Denmark is not the only country where such warnings are being voiced. Similar calls are spreading around the world. In particular, in the United Kingdom, automobile associations are already advising drivers to avoid "non-essential trips" and switch to a more fuel-efficient driving style to minimize fuel costs.
The global oil market is currently experiencing a historic shock due to the large-scale war in the Middle East. Because of halted tanker traffic and attacks on infrastructure, oil production in the region has fallen by millions of barrels, triggering a surge in prices.
Overall, oil prices exceeded the $100 per barrel mark immediately after the outbreak of large-scale hostilities in the Middle East. They later began to decline slightly — Brent crude is now trading at around $96 per barrel.
The International Energy Agency has proposed releasing the largest amount of oil reserves in history in order to counter the sharp rise in oil prices.
