Gaza has oil markets on edge. That could build more urgency to shift to renewables, IEA head says

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TENSIONS from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps — similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said.“Today we are again facing a crisis in the Middle East that could once again shock oil markets,' said IEA Executive Director Fatih Birol.

Birol pointed out that there was “a major government response” to the energy supply concerns that arose 50 years ago from the Arab oil embargo imposed during the 1973 Yom Kippur war.It sent oil prices nearly 300% higher and led to the founding of the IEA in 1974 to help shape a collective response to the disruption. That was followed by the 1978 Iranian revolution, which added another price shock.

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