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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza