BP Says Oil Demand Will Rise Despite Electric Cars

Global demand for oil will still be growing in 2035 even with an enormous growth in electric cars in the next two decades, with numbers on the road rising from 1m to 100m, BP has predicted.

The oil and gas giant predicted that despite electric cars spreading rapidly and renewable energy recording exceptional growth, oil demand would still rise because of rising prosperity in the developing world. BP said electric cars would not be a “gamechanger” for the oil industry.

“It’s not Teslas and the US. It’s the fact that 2 billion people, much of that in Asia, are moving to middle incomes, can buy their first motor car and that drives up oil demand. It’s that stuff that really matters,” said Spencer Dale, BP group’s chief economist.

via The Guardian

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