Tesla Shock Means Global Gasoline Demand Has All But Peaked
- IEA forecast has ‘major implications’ for refining industry
- Oil watchdog sees gasoline demand falling from now until 2040
A Tesla Model S on display outside a store at the Easton Town Center shopping mall in Columbus, Ohio.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
After fueling the 20th century automobile culture that reshaped cities and defined modern life, gasoline has had its day.
The International Energy Agency forecasts that global gasoline consumption has all but peaked as more efficient cars and the advent of electric vehicles from new players such as Tesla Motors Inc. halt demand growth in the next 25 years. That shift will have profound consequences for the oil-refining industry because gasoline accounts for one in four barrels consumed worldwide.