HOW MUCH (AND HOW SOON) WILL ELECTRIC VEHICLES AFFECT OIL DEMAND?
*This article comes to us courtesy of EVANNEX (which also makes aftermarket Tesla accessories). Authored by Charles Morris. The opinions expressed in these articles are not necessarily our own at InsideEVs.
Planners for the oil industry, as well as most auto industry execs (except for a certain California carmaker) tend to envision a gradual, decades-long process. At the other end of the scale, energy guru Tony Seba believes the Oil Age will be winding down by 2030.
A new report from Carbon Tracker examines many of the factors that affect how oil demand might be displaced by EVs, and includes an interactive software tool that allows users to experiment with three key variables to see how different future scenarios could play out.
Above: Carbon Tracker Data Scientist Laurence Watson explains Carbon Tracker's new EV Oil Displacement Tool (Youtube: Carbon Tracker Initiative)
The report found that the size of the global EV fleet is the most significant variable affecting oil demand, although the annual mileage per EV and the improving efficiency of ICE vehicles are also important factors.
Carbon Tracker concludes that EVs could entirely offset annual growth in oil demand as early as 2027, and could bring about the much-anticipated (and much-feared) turning point of peak oil demand by the late 2020s.
*Editor’s Note: EVANNEX, which also sells aftermarket gear for Teslas, has kindly allowed us to share some of its content with our readers, free of charge. Our thanks go out to EVANNEX. Check out the site here.