For the first time, global oil consumption is expected to fall:
A growing number of the world’s largest oil companies are starting to see the writing on the wall. For decades these transnational corporations have assumed that global demand for oil would grow year after year indefinitely. Now for the first time, they are predicting that the world’s consumption of oil will peak, and soon.
That’s the year when Statoil predicts the world will see a peak in oil consumption. Dutch Royal Shell predicts the peak will come even sooner, as early as 2025.
The Cause is Electric Vehicles:
The Wall Street Journal reported recently that the director of the energy consulting firm Wood Mackenzie, Linda Giesecke, said the expected peak in oil use is due to new advances in electric vehicles and their growing popularity.
If we are Driving on Electricity, it Better be Renewable:
If these oil companies are right, then by 2030 the world will be a different place. Electric vehicles will replace internal combustion engines so rapidly that it will change the century old trend of increasing global oil demand. 2030 is also the year when our legislation would bring Maryland to 50% renewable electricity. This goal is of growing importance if electricity is increasingly what powers our cars.
Let’s Make our State, and our cars, Powered by the Sun.