Peak oil may arrive early because of the electric vehicle revolution in big consumers like China or the US. https://www.notebookcheck.net/Rapid-EV-uptake-in-the-US-and-China-puts-pressure-on-gas-sales.834487.0.html
EV sales are slowing quite quickly in US and in Australia hybrids easily outsell EV's nearly 2:1. Unless the price premium for EV's disappears and infrastructure in US and Australia greatly improves hybrids will be dominant for a long time.
I question the accuracy of these figures.
According to Edmunds, EVs in the US accounted for 6.3% of all new cars sold in Feb 2024. ICE was 83.1%.
In total, EVs account for about 1% of all cars on the road, so the claim of 11% penetration (by which I assume the author means marketshare), seems a bit wishful at best.
The claim that 45% of all new cars in China this year will be EVs seems even more incredulous. EVs are significantly more expensive than ICE cars and the median income level in China is significantly lower than the US. According to the China Passenger Car Association, the total EV new car sales this year for China is about 16.8%.
I find it really hard to accept that this tiny a market share is making any difference at all in gas sales. If anything, it's the increasing price of gas that is causing people to consider EVs, not the other way around.
Quote from: Mr Majestyk on May 07, 2024, 03:47:35EV sales are slowing quite quickly in US and in Australia hybrids easily outsell EV's nearly 2:1. Unless the price premium for EV's disappears and infrastructure in US and Australia greatly improves hybrids will be dominant for a long time.
EV sales aren't slowing that much in the US, 2024q1 was higher than 2023q1.
For australia, despite some states ending tax credits, EV sales are up
As for hybrids outselling EVs, that was always the case