BP is not giving up on oil just yet — but predicts an all-electric future
London — The future is electric for BP — though it’s not giving up on oil just yet. The British company bumped up its forecast for electric vehicles (EVs) by 80% to 180-million by 2035, according to an energy outlook released on Tuesday. It expects a third of the kilometres driven in 2040 to be powered by electricity. The company forecasts the abundance of petrol and diesel cars will ensure overall oil demand will continue to grow at about 0.5% a year — but that’s slower than the 0.7% annual increase it forecast last year. Consumption is expected to peak at 110-million barrels per day (bpd) in the mid-2030s, BP’s chief economist Spencer Dale said. That’s earlier than the mid-2040s he predicted last year. "The suggestion that rapid growth in electric cars will cause oil demand to collapse just isn’t supported by the basic numbers — even with really rapid growth," Dale said. "It’s almost nothing. Oil used in the car market is essentially flat for the next 20 years." BP said this year’...
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