Peak Oil Demand Is Coming Soon for Transportation
Electric cars will reverse demand for transportation fuels by 2027, according to a new BloombergNEF report, with further oil reckonings to follow
Oil-sands in Alberta, Canada.
Photographer: Brent LewinFor more than a century, two trends in global transportation have been relentless: humanity’s desire for more cars and the consumption of ever-more oil to fuel them. The second part, at least, may finally be coming to an end.
By 2027, electric vehicles will force a reversal to the era of rising demand for oil used in transportation, according to a new forecast by analysts at BloombergNEF. For areas outside of transportation — such as plastics, petrochemicals, manufacturing and agriculture — oil demand will continue to rise with no end in sight. But by 2029, BNEF expects the stark shift to EVs to outweigh all else and bring total demand to its apex.