GASOLINE DEMAND PASSED ITS PEAK

Global gasoline demand has peaked and will never return to its 2019 levels, the International Energy Agency (IEA) said in its new five-year forecast.

Increasing fuel efficiency among new vehicles and the steady, if slow, entry of electric cars into the market will more than offset the return of demand as the world’s economy recovers from the 2020 collapse, the intergovernmental agency predicted.

About 60 million all-electric vehicles will be crowding the world’s roads by 2026, compared to 7.2 million in 2019, the IEA said.

However, demand for gas buggies, especially in the developing world, will continue for years, the agency acknowledged.

Audi and Volkswagen have ceased the development of improved internal combustion engines, the companies have announced. General Motors says its cars will be all-electric by 2035.

“E-mobility has won the race,” Herbert Diess, Volkswagen CEO, said at a press conference last week, although it will spread at different paces in different parts of the world, he noted.

U.S. consumption of gasoline as a transportation fuel will peak next year, the energy department has forecast.

Jet fuel demand will return to 2019 levels after 2023, the IEA said.

TREND FORECAST: While there will be an increase in electric vehicles, to date, according to estimates from industry tracker EV-Volumes, plug-in electric vehicles accounted for 4.2 percent of vehicles worldwide.

While the transition to multi-fuel cars is underway, the technology of electric or new-energy vehicles is not being mastered. The problem of recharging batteries, an 1800 invention, limits NEVs' mass-market acceptability.

However, we also forecast that breakthroughs in combustion-engine development and higher-efficiency motor oils that significantly increase miles per gallon and diminish pollution also will help stall the move toward NEVs.

And, EVs are more expensive to purchase than a gas-powered auto. In a comparison of two like-sized vehicles, Car and Driver noted that the gas vehicle was about $8,000 less than a gas-powered one. As for saving money on maintenance, etc., they concluded, “So is owning an EV cheaper in the long run? All signs point to possibly. Maybe. Sometimes. But as we said, at this point in time, it’s complicated.”

5 Comments
  1. bword 7 months ago

    to paraphrase GC; but they are going to blame inflation created by monetary methadone on Oil price escalating

  2. Craig Bradley 7 months ago

    IT MAKES A GOOD STORY

    I think Hybrid Electric Cars may have a greater rate of adoption in the large auto markets. I agree EV vehicles are a impractical notion not consistent with the present engineering and battery state-of-the-art technical limitations. In addition, without more power plants (investment in infrastructure ) to generate extra electricity, how can we expect or hope for significantly more EV adoption by auto buyers? Price and availability of electricity is a possible limiting factor.

    The amount (%) of all electric cars on the road is equal to the percentage of cars with manual transmissions (stick shifts) at about 3% of all autos, as most cars on the road today have fully automatic transmissions. Most people don’t even know how to drive a fully manual transmission. As for thinner oils, I do not see that making a significant difference in fleet MPG, but admittedly, it sounds good and as always in the media, “It makes a Good Story”, as well.

  3. Eric Swan 7 months ago

    A couple decades ago a person invented a gadget that uses water to enhance the milage in automobiles. An oil company approached him asking to sell the rights to it to them. He wouldn’t do it and was about to do mass distributin. Soon after he was found dead on the side od the road. I believe a car from the 70s would get 200 mpg instead of 15 mpg.

    • lvblasiotti 7 months ago

      Was that the guy from Ann Arbor MI about 30 years ago or is that another?
      Shows how the puppet masters will do anything to maintain control. The pay back will be in hell after their death. And what a payback it will be.

  4. Eagle11 7 months ago

    There is also the prospect of hydrogen powered vehicles, although it needs to be developed further.

    If I am not mistaken places like Japan and Iceland use hydrogen cars to t limited extent.

    Hey – maybe the EPA can approve hydrogen cars for Emergency Use Authorization…

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