RE: Over 6000 products made from the same oil28 Oct 2021 15:45
TheAimCasino
You know that 60% of oil is for transportation and 40 % is not
Roughly 27% is for passenger cars. -- but we won't have combustion engines from 2035, thats the idea at least.
Presently we have 1.3 billion engine cars and roughly EV sales were 5 million.
New sales need to offset this . Most car are bought for about 20 years overall.. This will take time to swop from combustion engine to EV cars.
In that time we will need charging stations, new grid lines and we need to double our power capabilities. So how do you double and decarbonise at the same time..? If we achieve EV car sales there will also be a deficit in copper sales globally.
The other 40 % are petrochemicals as in plastics, makeup, medicine etc etc etc The population is growing as are living standards.
If we hit EVERY single government objective between now an 2035, ie hydrogen wind solar etc... oil demand will continue to grow between now an 2035. We will see 13 years of demand growth.
Question is what will happen to the oil price when we hit peak oil demand ? There will be a slow oil decline too... answer :
The oil price will CONTINUE to rise.
Price is determined by supply and demand.
There is under investment in oil today, when oil demand is falling, but still needed, there will be even less investment.
The oil price will blow peoples minds.