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Global oil demand hit a record of just over 100

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wholesale nfl jerseys With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels.According to a Reuters analysis of 27 automakers compiled in partnership with Constellation Research Technology, most companies apart from Elon Musk’s Tesla Inc and China’s BYD Co Ltd are still in the early stages of transitioning to EVs, which make up a fraction of global sales.With mid sized to large petroleum fuelled SUVs and trucks driving much of the recent growth in the auto sector, many companies are banking on these high emitting gas guzzlers to drive their near term performance.Nevertheless, with China’s BAIC Motor Corp and German rivals Volkswagen Group and Daimler AG pursuing some of the industry’s most ambitious decarbonisation targets, investors are increasingly using a company’s EV prospects as a proxy for future success.”All the growth in transportation is being eaten by electricity,” said Harry Benham, chairman of Ember Climate, a British energy transition think tank. “Oil and gas companies have got no ability to defeat electricity as a transport fuel.”PEAK OIL DEMAND?With fuel for road transport accounting for about half of all oil demand, the possibility of a faster than expected switch to EVs in the wake of the pandemic is one of the main reasons some forecasts for a peak have been brought forward.Global oil demand hit a record of just over 100 million barrels per day (bpd) in 2019. Rystad now sees demand topping out at 106.5 million 107 million bpd in 2027 2028. wholesale nfl jerseys

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