02 Mar '17, 8pm

Gasoline Projected To Reach Peak Demand By 2021

Gasoline Projected To Reach Peak Demand By 2021

Demand for gasoline has been projected to reach its peak next year in the U.S. and as early as 2021 globally. Analysts at Edinburgh-based consultancy WoodMackenzie say this will happen in the face of continuing growth in the vehicle fleet due to vehicle engine efficiency. The rising number of hybrid and electric vehicles being sold and higher fuel standards in the U.S. and Europe will contribute to the historic consumption shift. The dramatic drop in oil prices during 2014 brought oil consumption to a record high last year, with 9.326 million barrels per day last year consumed in the U.S. That will be changing in years ahead. An expected recovery in oil prices in coming years will be an important factor in demand growth diminishing, WoodMackenzie said. Reaching that peak will have a huge economic impact eventually, with demand for gasoline in the U.S. accounting for 10 per...

Full article: http://www.hybridcars.com/gasoline-projected-to-reach-pea...

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