Evidence Doesn’t Support Electric Vehicles Killing Crude

There is a misconception out there that the growing Electric Vehicle (EV) industry will kill off demand for crude oil. We do not believe the evidence supports this.

Evidence Doesn't Support Electric Vehicles Killing Crude

BP has put out a number of educational pieces that show that a very fast increase in purchases/switching to EV’s will in the end leave crude demand still growing. EV purchases now at 1M vehicles per year could be 20-40M of the total of vehicles sold of over 100M vehicles by 2040. We recommend you watch this piece to understand how both are needed. Long term more efficient gasoline car engines will be required if we are to have sufficient energy to meet demand by 2040.