Opinion: electric vehicles cannot influence global oil demand

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Even taking into account all the advantage of electric vehicles they are unlikely to kill off global oil demand, says Robert Rapier, a columnist of the Oilprice.com.

The journalist doubts that electric vehicles are going to make any dent in the world oil consumption in the foreseeable future. As an argument he provides statistics data that show global crude oil demand growth over the past three decades. In the 32 years since 1984, global crude oil demand has increased by 36 million barrels per day (b/d) – an average annual increase of 1.1 million b/d per year.

Rapier also notes that even in Norway – which is known as one of the most EV-friendly country with the largest fleet of plug-in for electrical vehicles per capita in the world – oil consumption is continuously increasing.

The electric vehicles industry still needs developing as the need of alternative vehicles will be slowly growing. Oil demand won’t continue to grow forever, the expert reminds, because ultimately depletion will catch up and force prices much higher.