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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

Updated 2 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.