May 18, 2022 - Energy & Climate
EVs are shoving aside real volumes of oil
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Electric vehicles displaced roughly 1.5 million barrels per day of oil last year, new analysis shows, an amount slated to grow as EV sales keep rising.
Why it matters: The new estimates from the research firm BloombergNEF help to show EVs are shedding their status as a niche climate technology.
- Total transportation fuel demand was 43.7 million barrels per day last year, the firm said.
- The amount EVs have displaced doubled over the last six years, BloombergNEF said.
The intrigue: What kinds of EVs are doing the heaviest lifting right now is surprising (to me anyway!).
- "Two- and three-wheeled EVs accounted for 67% of the oil demand avoided in 2021," the report notes, citing rapid adoption in Asia.
- Buses were next at 16% and then followed by passenger vehicles at 13%, though BloombergNEF adds that they're the fastest-growing segment.
The big picture: BloombergNEF said last year's displaced oil demand amounts to roughly one-fifth of Russia's pre-invasion exports.
