Barclays Predicts That EVs Will Significantly Reduce Oil Demand by 2025
EV technology is booming and with that boom, conversations about weaning drivers off oil have been permeating the industry. The latest headline hails from Barclays analysts.
They forecast that by 2025, improved efficiency, as well as widespread adoption of EVs, will curb oil demand by about 3.8 million barrels per day. This amount is approximately equal to Iran’s daily oil production rate of 3.8 million barrels a day.
This news comes on the heels of several vehicle markets setting deadlines for banning diesel fuel. China, India, Germany, France, and the U.K. have all been taking gradual strides to accomplish this goal. In the U.S., California is currently debating the prohibition of diesel to help speed up the assimilation of EV technology.
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According to stats from EV Volumes, a global sales database for electric vehicles, there were 649,000 global plug-in vehicles sold during 2017 up until August. This is 46% higher than the same period during 2016, further backing Barclays’ prediction that this technology will continue to increase at a healthy rate.
We anticipate more details as the industry takes tangible steps in the next couple of decades toward making EVs a global trend that could signal the abandonment of fossil fuel in light of greener alternatives.
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Whitney Russell is a current resident of Dayton, though her spirit can be found beach-bumming on Puerto Rico (the land of her half-Puerto Rican heritage). When not adventuring through the exciting world of car news, she can be found hiking with her fiance and their 1-year-old Labrador, motorcycling, reorganizing and/or decorating some corner of the world (most likely in yellow), researching random things, scribbling on her blog, and escaping into a great movie, poem, or short story. See more articles by Whitney.