Jan 30, 2022
Covid depressed gas diesel use by 12%, oil declined by 85%. EV for commercial light vehicles cost less to operate today and are replacing ICE in police/ Uber. Vans and trucks are coming on line. 10% of light vehicles use 30% of gas. In less then 10 years gas demand will drop by more than 30%, what will oil industry do? Milk the remaining mkt by increasing price? Or lower price to slow EV use?