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Tuesday, 8 August 2017

Rise of electric cars challenges the world’s thirst for oil

Rise of electric cars challenges the world’s thirst for oil:

"In the early years of US oil production in the late 19th century, gasoline was considered a useless byproduct of kerosene that would be burnt off or dumped in rivers.

That changed when the first mass-produced automobiles hit the road. But just over a century later, the symbiotic relationship between oil and cars which transformed society is beginning to fray.

Recent announcements by the UK and France of plans to ban sales of new petrol and diesel vehicles by 2040 have amplified two critical questions for the petroleum industry: will electric vehicles (EVs) cause oil demand to decline and, if so, when?

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