Electric Car EVs could demand enough copper, other metals to dwarf oil market fallout: BHP According to Bloomberg New Energy Finance, EVs could displace 2 million barrels a day of oil demand as early as 2023. “That would create a glut of oil equivalent to what triggered the 2014 oil crisis.” Tesla Model 3, a $35,000 all electric vehicle, has experienced record setting pre-orders in 2016. The first half of 2016 saw 128 percent growth in the critical Chinese market, and far stronger than expected sales in the United States, hinting that the world’s EV fleet could grow even faster in the coming years than Bloomberg New Energy Finance’s already bullish expectations, SAFE reported in its Energy Fuse website, saying Wood Mackenzie, the IEA and other agencies believe the EV market is set to grow fast enough to destabilize oil demand. BHP’s VP of Market Analysis and Economics, Huw […]