Anything that reduces the demand for transportation has an impact on the oil market, Alan Gelder, vice president of refining, chemicals and oils markets at Wood Mackenzie, said in an interview in London. The question is how big is it going to be and whats the time frame. More from Bloomberg.com: Trump Turns to Schwarzman, Dimon for White House Jobs Panel Wood Mackenzies view echoes the International Energy Agency, which last month forecast global gasoline demand has all but peaked because of more efficient cars and the spread of EVs. The agency expects total oil demand to keep growing for decades, driven by shipping, trucking, aviation and petrochemical industries. interview skills resourcesThats more conservative than Bloomberg New Energy Finances forecast for EVs to displace about 8 million barrels a day of demand by 2035. That will rise to 13 million barrels a day by 2040, which amounts of about 14 percent of estimated crude oil demand in 2016, the London-based researcher said. Electric cars are displacing about 50,000 barrels a day of demand now, Wood Mackenzie said. More from Bloomberg.com: Trump Speaks to Taiwan Leader in Move Likely to Offend China On Friday Athens, Madrid, Mexico City and Paris pledged to phase out diesel vehicles by 2025 in a battle against pollution, a move that could further stimulate demand for EVs that have zero tailpipe emissions. Regulation and government subsidies alone wont be enough to spark a boom in EVs, Gelder said. If theres a technology revolution, so battery technology gets cheaper and EVs dont need a subsidy, then it comes down to consumer preference. If the consumers like something, itll switch far faster. More from Bloomberg.com: OPEC Deal Hinged on 2 a.m. Phone Call and It Nearly Failed Tesla alone wont be able to supply enough EVs if demand really takes off, Gelder said.
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