The end of the car as we know it

24 Aug 2017   Electric Cars

The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat, Bloomberg noted in July. OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from ExxonMobil to BP also revised up their outlooks in the past year, according to a study by Bloomberg New Energy Finance released July 14. The London-based researcher expects those cars to reduce oil demand 8 million barrels by 2040, more than the current combined production of Iran and Iraq. “Growing popularity of EVs increases the risk that oil demand will stagnate in the decades ahead, raising questions about the more than $700 billion a year that’s flowing into fossil-fuel industries,” Bloomberg reported. “While the oil producers’ outlook isn’t nearly as aggressive as BNEF’s, the numbers indicate an acceleration in the number of EVs likely to be in the global fleet.” OPEC raised its 2040 EV fleet […]

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