REPORT: Worldwide Oil Demand To Remain Strong, Despite Rise Of Electric Vehicles

Contradicting the elites who predict the “end of oil,” demand will remain strong in the petrochemical and transportation sector.

The International Energy Agency says that oil demand will remain steady for many years to come, despite the expected increase in electric powered personal transportation vehicles.

As noted by Reuters, “Under the IEA’s “New Policies Scenario”, based on existing legislation and announced policy intentions relative to emissions and climate change, the oil price should continue to rise towards $83 a barrel by the mid-2020s.”

Additionally, “The oil market should be able to find a longer-term equilibrium, with the oil price in a range of US$50-70 a barrel, the agency said.”

The report also points out that “The IEA estimates that there will be 50 million electric vehicles on the road by 2025 and 300 million by 2040, from closer to 2 million now. However, this is expected to cut only 2.5 million barrels per day (bpd), or about 2 per cent, off global oil demand by that time.”

What this means is that there is still tremendous potential wealth in oil – wealth that Canada should be tapping into for the good of the Canadian people.

At the same time, competition in the oil market will be tougher than ever, meaning Canada will need much stronger oil infrastructure, streamlined regulations, and a commitment to supporting the Canadian energy industry.

As we know, wealth generated from the oil industry can be used to lower taxes, invest in infrastructure, and strengthen services for Canadians.

Of course, that can only happen if the Trudeau government (and Notley government), are defeated and replaced with leaders who actually want Canada’s energy industry to grow, instead of strangle it by government bureaucracy.

Spencer Fernando

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