Renowned energy expert Fatih Birol has issued a stark warning about the future of the global oil market, stating that electric vehicles could be the key to avoiding a devastating oil price shock that could be twice as bad as the 1970s oil crisis. Birol, the Executive Director of the International Energy Agency (IEA), believes that the rapid adoption of electric vehicles could help to stabilize oil prices and mitigate the impact of a global energy crisis. The 1970s oil crisis, caused by the Arab-Israeli War, led to a sharp increase in oil prices, triggering widespread economic disruption and recession. Birol's comments come as the world grapples with the ongoing impact of the Ukraine-Russia conflict on global energy markets, raising concerns about a potential repeat of the 1970s crisis.
Electric vehicles can steer world clear of oil price shock twice as bad as the 1970s: Birol The Driven