Electric cars won’t cause oil demand to peak anytime soon, according to International Energy Agency Executive Director Fatih Birol. “The oil demand growth is not coming from cars, it’s from trucks, aviation and the petrochemical industry and we don’t have major alternatives to oil products there,” Birol said at the Energy for Tomorrow conference on Thursday in Paris. “I don’t buy the argument that electric cars alone will cause a peak in oil demand at least in short and medium term.” The IEA chief’s comments add moderation to recent forecasts and warnings on the potentially disruptive effects that electric vehicles will have on the oil industry. Bloomberg New Energy Finance estimates that plug-in cars will displace 13 million barrels of oil a day by 2040. Fitch Ratings reported reported Oct. 18 that battery technologies used by electric cars could trigger […]