Growth forecasts for global oil demand next year have been downgraded as the post-pandemic recovery stalls just as electric vehicle (EV) use surges. The International Energy Agency (IEA) said on Friday that demand will rise by only one million barrels per day (bpd) in 2024, which is 150,000 bpd less than previously forecast. This will
Faulty tanks have caused a $20 billion environmental disaster across the U.S. Who will pay for the cleanup — the stations, oil companies, or you? A black, electric-powered Nissan Leaf pulled up to a gas station – not to fuel up, of course. Matthew Metz, the founder of Coltura, a nonprofit trying to speed the
Russia’s ongoing invasion of Ukraine has triggered international sanctions throttling the country’s oil exports, leading to fears of even higher gas prices. But electric vehicle adoption has been helping make the situation less grim. Plug-in vehicles avoided roughly 1.5 million barrels of oil per day last year, according to new analysis from Bloomberg New Energy Finance.
Climate change is already doing a lot of damage – and the prohibition on the sale of new fossil-fuel cars is 15 years away. Banning dealers from selling anything but zero-emission cars from 2035, as California Gov. Gavin Newsom decreed this week, sounds pretty radical on first hearing. Electric vehicles are still a relatively niche
Petrol Retailers Association warns dramatic dive in sales during pandemic will make businesses “unviable” Petrol stations could be the next victim of the coronavirus pandemic, after warnings that a dearth of business will force many to close in the coming weeks. The Petrol Retailers Association (PRA), which represents the independent fuel retailers that make up
Oil consumption continues to rise in the U.S. and around the world, but as electric vehicles keep growing as a percentage of vehicle sales, there will ultimately be a tipping point on multiple fronts. The first will be manufacturers investing in more EVs to ultimately overtake internal combustion engines, which is happening today from Tesla
The future is not looking bright for oil, according to a new report that claims the commodity would have to be priced at $10-$20 a barrel to remain competitive as a transport fuel. The new research, from BNP Paribas, says that the economics of renewable energy make it impossible for oil to compete at current
Mark Lewis is global head of sustainability research at BNP Paribas Asset Management. The number of electric cars may be increasing, but there are challenges for charging infrastructure and energy storage. Oil prices will need to fall to between $10 and $20 per barrel if it is to remain competitive in the mobility sector, according
The economics of combining solar and other renewables with electric vehicles is becoming so compelling that the oil sector faces a “relentless and irreversible decline”, a new report from BNP Paribas has concluded. The report, dubbed ‘Wells, wires and wheels’, examines the link between mobility, energy and capital investments, introducing the concept of ‘energy return
The oil industry vs. the electric car
Electric vehicles could make up nearly half the fleet of passenger cars and trucks by 2040. But oil and gas companies are striking back. The oil industry is trying to crush the booming electric car movement. Groups backed by industry giants like Exxon Mobil and the Koch empire are waging a state-by-state, multimillion-dollar battle to
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