Fuel-Efficient Cars Will Be Worse for Oil Than Electric Vehicles: BNEF
by Heesu Lee (Bloomberg) Fuel efficient engines to cut oil demand by 7.5m b/d by 2040; Demand from cars to peak in 2022 before falling to 15.9m b/d — Oil demand is set to face an even bigger threat from fuel-efficient engines than from electric vehicles over the next two decades, according to Bloomberg New Energy Finance.
Engine and other vehicle improvements that increase the distance vehicles can travel per unit of fuel will erode global oil consumption by 7.5 million barrels a day by 2040, more than the 6.4-million-barrel decline due to electric vehicles, BNEF forecast in a report Monday. Demand from passenger cars is set to peak in 2022 before falling to 15.9 million barrels a day from 24 million now, according to the note.
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The CEO of Saudi Arabia’s state crude producer said in March the need for petroleum isn’t going away any time soon, and Exxon Mobil Corp. has said its traditional fossil fuels business isn’t threatened by climate-change policies.
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Saudi Arabia, the world’s biggest oil exporter, is investing in developing more efficient gasoline-powered engines and testing new methods of turning a barrel of crude directly into petrochemicals with the goal of prolonging the demand for petroleum. READ MORE
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