Re: Crude Oil-When Will EV Adoption Cause Peak Oil Demand?

Although this will eventually happen, to paraphrase Mark Twain, "The reports of the death of hydrocarbons are greatly exaggerated."

First, the short-term picture for oil demand. Pre-COVID, we were at ~100 mmbpd. Currently, we're at 95 mm bpd. YE21 we will be at ~98 mm bpd; YE22 we will be at 102 mm bpd.

Here are some predictions for global EV penetration, courtesy of Capital One: 5.8% for '23, 11% for '25, 26% for '30, 57% for '40. EV unlikely to materially impact gasoline demand unt…