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Global Demand for Gasoline Poised to Drop
Worldwide gasoline consumption is approaching its peak and by 2020 will begin a slow decline through 2040, the International Energy Agency predicts.
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Worldwide gasoline consumption is approaching its peak and by 2020 will begin a slow decline through 2040, the International Energy Agency predicts. The reason: more efficient piston engines and a sharp upswing in the number of electric vehicles on the road.
But the Paris-based agency says overall consumption of petroleum will continue to rise over the period because of growing demand by the aviation, freight, maritime and petrochemical industries for diesel and other oil-based fuels.
IEA’s annual World Energy Outlook report estimates the number of EVs in use will zoom from fewer than 1 million in 2015 to 150 million by 2040. That will help reduce daily gasoline demand from 23 million barrels in 2015 to 22.8 million by 2020, according to the agency.
A year ago IEA predicted continued strong growth in gasoline demand until at least 2030. Now the group says gasoline consumption will slip by 0.2% over the next 25 years, even though the number of passenger vehicles doubles to 2 billion.
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