02-07-2021, 11:03 AM
I expect EV's to stabilize or reduce oil demand growth in the US and Europe, but I don't think they will be enough to offset demand growth in India and China.
As those countries continue to develop, their 2.7 billion people will use more oil/energy per capita just as all growing economies in the last 120 years have.
Over the last 20 years, US and European consumption has flat-lined or fallen slightly, while India's has grown by 130%, and China by 192%.
Combined, they have nearly 8.5 times the population of the US. As their numbers grow, the US and European numbers become less relevant.
Also keep in mind India and China are still trying to get electricity for everyone for everyday living, they don't have near the capacity to use it for transportation.
As those countries continue to develop, their 2.7 billion people will use more oil/energy per capita just as all growing economies in the last 120 years have.
Over the last 20 years, US and European consumption has flat-lined or fallen slightly, while India's has grown by 130%, and China by 192%.
Combined, they have nearly 8.5 times the population of the US. As their numbers grow, the US and European numbers become less relevant.
Also keep in mind India and China are still trying to get electricity for everyone for everyday living, they don't have near the capacity to use it for transportation.