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Electric vehicles no magic bullet for curbing oil demand

By illuminem briefings ๐ŸŒŽ

Sep 06 2023 ยท 1 min read

Illuminem Voices
Sustainable Mobilityย ยทย Electric Vehiclesย ยทย illuminemX

illuminem summarizes for you the essential news of the day. Read the the full piece on Forbes or enjoy below

๐Ÿ—ž๏ธ Driving the news: Despite the increasing adoption of electric vehicles (EVs), countries with high EV sales are not seeing significant drops in oil consumption
• Norway, with EVs making up 80% of car sales in 2021, still shows stable gasoline and diesel consumption

๐Ÿ”ญ The context: While there's an EV boom, the overall number of EVs in use is still much smaller compared to traditional combustion engine vehicles
• Factors include the continued use of traditional vehicles, challenges in electrifying heavy-duty transport, and the ongoing demand for oil in industries like aviation and petrochemicals

๐ŸŒŽ Why it matters for the planet: This underscores the need to address the entire transportation ecosystem, from passenger cars to heavy-duty vehicles, ensuring that environmental strategies are comprehensive and truly effective in reducing carbon emissions globally

โญ๏ธ What's next: Analysts predict a gradual plateau in oil demand rather than a sharp decline
• Organizations like the International Energy Agency see the peak coming later this decade, while OPEC forecasts it around 2045

๐Ÿ’ฌ One quote: "The U.S. and global economies will continue to need oil products for decades," (Dan Eberhart, journalist)

๐Ÿ“ˆ One stat: Norway's road fuel sales were approximately 62,000 barrels daily in the first half of 2023, only a 10% drop from figures between 2017 and 2019

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