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A Greener Planet Could Slash Oil Company Income by $19 Trillion to 2040

  • Demand for oil will peak in mid-2020s as EVs increase
  • Oil could fall to $32 a barrel in 2040 as demand weakens
Views Of Renewable Energy Facilities On Jeju As South Korean President Seen Moving Nation to Gas And Renewables
Photographer: SeongJoon Cho/Bloomberg

The global transition to electric vehicles and renewable sources of power will see oil company revenue plummet.

The rollout of 540 million electric vehicles by 2040 will cause oil demand to peak in the mid-2020s, slashing income by $19 trillion, according to Oxford, England-based Aurora Energy Research Ltd. Gas and power will provide more than half of final energy consumption, up from 39 percent currently.