Chevrolet Bolt In LA - Image Credit: InsideEVs / Tom Moloughney

Chevrolet Bolt In LA - Image Credit: InsideEVs / Tom Moloughney

The International Energy Agency has release some data showing that gasoline demand has peaked globally. According to the IEA, oil demand will continue to rise for a bit, but demand for gas has now peaked thanks to the rise of electric cars (and more fuel-efficient ICE vehicles).

IEA says that 1 out of 4 barrels of oil consumed worldwide are for gasoline, so with the peak here and a decline predicted in coming years, the oil industry will suffer.

IEA Executive Director Fatih Birol stated (via Bloombers):

“Electric cars are happening,” (the director) said in an interview in London, adding that their number will rise from little more than 1 million last year to more than 150 million by 2040.

Editor's note:  That "1 million" figures has quickly been outdated since the September 2015 study got underway, and illustrates the point that 'EVs are happening'. By our "unoffical count", we have the worldwide plug-in sales at some 1,891,000 deliveries (with partial data for November 2016now in).

That figure, according to Birol, will increase to more than 150 million by 2040. If that prediction pans out to be true, then gas consumption will fall of fdramatically, so much so that the IEA wonders if the industry as it stands will be able to survive.

Bring on the electric cars...goodbye gas!

Source: Bloomberg