Oil fading as an energy source because of electric vehicles

6 Sep 2017   Electric Cars

The global demand for oil will peak within the next five years, driven largely by the increased market presence of electric vehicles, a top energy consultancy said. DNV GL, a Norwegian company providing risk management advice, said in an energy transition outlook that global demand for energy in general will level off by 2030 and then move lower as efficiency improves. For oil, demand peaks in 2022 because of the rise in the use of electric vehicles, though energy trends might not be enough to stave off the impacts of climate change. “Until 2050, the electricity share of energy demand will grow from 18 percent to 40 percent yet this transformation is […]

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