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A new report from the consulting firm Wood Mackenzie predicts that increasing vehicle efficiency and the rise of electric cars will lead global gasoline demand to peak by 2030.

Expand chart

Data: Wood Mackenzie Macro Oils Service; Chart: Chris Canipe / Axios

Big picture: "Although oil demand grows to 2035 on aggregate, it is minimal compared with what we have seen over the past twenty years. The prospect of peak oil demand is very real," the report states.

It's a double whammy for gasoline: in the next decade it's a fuel efficiency story. Post-2025, it's an EV story, as the ramp up in electric vehicle penetration displaces significant volumes of gasoline demand," they note.

However, overall global crude oil demand growth — driven by petrochemical needs — is not expected to peak until 2035 at the earliest, but will have slowed way down compared to prior decades.

"The oil industry is right to be concerned and should start to plan for the future," it says.

Go deeper

8 Senate Democrats vote against adding $15 minimum wage to COVID relief

Photo: Stefani Reynolds/Bloomberg via Getty Images

Eight Democratic senators on Friday voted against Sen. Bernie Sanders' amendment to ignore a ruling by the Senate parliamentarian and add a $15 minimum wage provision to the $1.9 trillion COVID relief package.

The state of play: The vote was held open for hours on Friday afternoon — even after every senator had voted — due to a standoff in negotiations over the next amendments that the Senate will take up.

CDC: Easing mask mandates led to higher COVID cases and deaths

Customer at a supermarket chain in Austin, Texas. Montinique Monroe/Getty Images

Easing mask restrictions and on-site dining have increased COVID-19 cases and deaths, according to a study out Friday from the Centers for Disease Control and Prevention.

Why it matters: The report's findings converge with actions from governors this week easing mask mandates and announcing plans to reopen nonessential businesses like restaurants.