International Energy Agency Expects Industry Changes From Fuel Crisis

BERLIN, April 23 (Bernama-dpa) -- The world is facing its biggest energy crisis ever and markets will likely make a drastic shift due to the acute situation, International Energy Agency (IEA) chief Fatih Birol told a climate conference in Berlin on Wednesday, German news agency dpa reported.

Birol, speaking at the Petersberg Climate Dialogue, noted that there had been a strategic response after the oil crises of the 1970s, which resulted in fuel consumption of 20 litres per 100 kilometres being cut in half.

Another reaction at the time was expansion of nuclear power, he said.

Birol said people are better prepared to make changes today than 50 years ago, as necessary technologies such as renewable energy and electric vehicles are now available.

-- BERNAMA-dpa