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EVs Could Cut U.S. Gasoline Sales 20% in 20 Years
An accelerating market for electric cars will reduce gasoline demand in the U.S. at least 5%—and perhaps as much as 20%—over the next two decades, predicts Edinburgh-based energy industry consultants Wood Mackenzie Ltd.
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An accelerating market for electric cars will reduce gasoline demand in the U.S. at least 5%—and perhaps as much as 20%—over the next two decades, predicts Edinburgh-based energy industry consultants Wood Mackenzie Ltd.
Americans currently consume more than 9 million barrels of gasoline per day. If EVs can push their share of the U.S. passenger vehicle market from less than 1% today to 35% by 2035, consumption could drop by as much as 2 million bpd, according to the analysis.
But report author Prajit Ghosh tells The Wall Street Journal a more likely scenario is that EVs will account for roughly 10% of the U.S. car market in 20 years. That share would result in a 5% decline in gasoline demand, he estimates.
Meanwhile, AAA’s Daily Fuel Gauge Report says gasoline demand in the U.S. appears likely to reach a record high for the summer driving season. The average price for a gallon of unleaded regular gasoline is a $2.33, down 5 cents from a week ago and 47 cents below the year-ago average.
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