Most of us expect EVs to cut into global demand for oil, but how much and how soon? Big Oil foresees a gradual, decades-long process, while energy guru Tony Seba believes the Oil Age will wind 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 play with three key variables to see how different future scenarios could play out.
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.
Source: Carbon Tracker