Reported about 18 hours ago
China's transition to electric vehicles (EVs) is accelerating, with EVs and hybrids comprising over half of retail passenger vehicle sales, signaling a potential steep decline in gasoline demand. By 2030, forecasts suggest up to a 5% annual decrease in gasoline consumption, driven by improving fuel efficiency and widespread adoption of new energy vehicles. The shift, catalyzed by government subsidies and advancements in EV technology, could lead to gasoline demand dropping from 3.5 million barrels per day to just 1 million by 2040, marking a significant change in the global oil market.
Source: YAHOO