The report by Enverus also forecasts that the switch to electric vehicles will displace 2.7 million barrels of oil a day by 2030 and as much as 5.2 million barrels of oil a day by 2035
Based on quicker-than-expected moves to electric vehicles, a leading provider of data and analytics to the energy industry predicts that electric cars and light-duty trucks will make up 65% of new sales globally by 2030 and 85% by 2035.also forecasts that the switch to electric vehicles will displace 2.7 million barrels of oil a day by 2030 and as much as 5.2 million barrels of oil a day by 2035. The current total oil used in the areas covered in the report, including the U.S.
One of the reasons for the growth globally is that electric cars are becoming more affordable, Kearl said. Declining battery prices are expected to make the cost of electric vehicles on par with many gas-fueled cars in about three years.reported Tuesday that drops in the prices of lithium, used in nearly all electric-vehicle batteries, as well as decreases in cobalt and copper prices are helping lower sticker prices.
China has struggled with severe air pollution and people there aren’t allowed to drive gas-powered cars on certain days, Kearl said. “EV adoption has really been taking off there. It jumped from around 5% in 2020 of new sales to 22% in 2022.” “The U.S. is playing a little bit of a catchup game” on electric vehicles, said Tim Jackson, CEO and president of the Colorado Automobile Dealers Association.
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