Electric Vehicles: Will they reduce demand for oil?

[dan_s]

Answer: Not by much.

Read: https://www.theguardian.com/environment ... y-analysts

"Automotive analysts say that 2020 could be the year of the electric car due to a wave of new EV models that will hit showrooms. In Europe, the number of EV models available will rise from 100 to 175 by the end of the year. That will rise to 330 by 2025. Analysts say that the market share for EVs could rise from 3.4 to 5.5 percent of all cars sold."

Since it takes 20 years for the global fleet of all cars and trucks to turn over, the number of EVs on the road is barely over 1% of the total fleet today. SUV sales will exceed EV sales by a wide margin and that trend will continue unless gasoline prices double.