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February 21, 2018

BP sees self-driving electric vehicles crimping oil demand by 2040

  • Industry
  • Energy
  • Robotics/AI

Reuters – The emergence of self-driving electric cars and travel sharing are set to dent oil consumption by 2040, oil and gas giant BP (BP.L) said, forecasting a peak in demand for the first time.

In its benchmark annual Energy Outlook, BP forecast a 100-fold growth in electric vehicles by 2040, with its chief economist Spencer Dale painting a world in which we travel much more but instead of using private cars, we increasingly share trips in autonomous vehicles.

While travel demand more than doubles over the period as economies in countries such as China and India grow, higher oil demand will be more than offset by increased engine efficiency standards as well as the larger number of EVs and shared traveling.

Read more at Reuters.

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