Daily Management Review

Bloomberg: World will give up gasoline earlier than expected


The rate at which the world is phasing out gasoline is faster than expected. According to Bloomberg analysts, the peak in fuel demand will occur in 2027, four years earlier than expected.

The fastest to abandon internal combustion engines will be the USA and Europe, and countries like China and India, contrary to previous forecasts, will not consume more gasoline. BNEF attributes this to the fact that a shift in peak demand from 2031 to 2027 will lead to a decline in motor fuel supplies to developing regions over the next decade.

The drop in demand for petrol is linked to the increased production of more environmentally friendly vehicles and the desire of the world's largest economies to reduce greenhouse gas emissions by phasing out fossil fuels. For example, the European Union plans to ban internal combustion engines by 2035, while the US and China are calling for widespread adoption of electric vehicles.

The BNEF report said that with efficient use of fuel, a shift to alternative energy sources and transport sharing, fuel consumption will not increase even with an increase in travel by 2050.

In addition, analysts predicted that the number of passenger cars on the world's roads will peak at 1.5 billion by 2039 - a 26 per cent increase from this year. Freight transport is also expected to boom in the next decade, but it will be done by vehicles that are not dependent on oil - Tesla, Daimler and Volkswagen will supply the world with electric and hydrogen-powered trucks.

source: bloomberg.com