{"id":1446512,"date":"2023-12-29T17:20:00","date_gmt":"2023-12-29T22:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1446512"},"modified":"2023-12-29T17:20:00","modified_gmt":"2023-12-29T22:20:00","slug":"record-global-gasoline-consumption-defies-iea-forecast-ev-hype","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/record-global-gasoline-consumption-defies-iea-forecast-ev-hype\/1446512\/","title":{"rendered":"Record Global Gasoline Consumption Defies IEA Forecast (& EV Hype)"},"content":{"rendered":"

Record Global Gasoline Consumption Defies IEA Forecast (& EV Hype)<\/span><\/p>\n

\n

Authored by Tsvetana Paraskova via OilPrice.com,<\/em><\/a><\/p>\n

Global gasoline consumption hit a record 26.9 million barrels per day (bpd) this year, exceeding the 2019 peak and defying estimates that the last pre-pandemic year was the time when gasoline demand worldwide would peak.\u00a0<\/p>\n

<\/a><\/p>\n

The data, reported by Bloomberg Opinion columnist\u00a0Javier Blas<\/a>, shows the latest figures from the International Energy Agency (IEA). The same agency, which has been strongly advocating for a faster energy transition for years, had predicted just this year that 2019 was the peak demand for gasoline globally.\u00a0\u00a0<\/p>\n

Back in June, in its Oil 2023 annual report, the IEA\u00a0said<\/a>\u00a0that \u201cGrowth is set to reverse after 2023 for gasoline and after 2026 for transport fuels overall.\u201d\u00a0<\/strong><\/em><\/p>\n

\u201cGasoline demand will be disproportionately impacted as EVs progressively replace vehicles with internal combustion engines (ICE),\u201d the IEA\u00a0said<\/a>, adding that:<\/em><\/p>\n

\u201cThis means that the fuel is likely to exhibit the earliest and most pronounced peak in demand.\u201d<\/em><\/p>\n

And it also said that \u201cUsage will never return to 2019 levels and the post- pandemic peak could come as early as 2023. Following a brief plateau, the decline is forecast to accelerate from 2026 onwards.\u201d\u00a0<\/strong><\/p>\n

However, the IEA\u2019s latest figures not only show that 2019 wasn\u2019t the peak demand year for global gasoline consumption, but that demand in both 2023 and 2024 would surpass the pre-pandemic levels.\u00a0<\/p>\n

<\/a><\/p>\n

Per the latest data reported by Bloomberg\u2019s Blas, gasoline demand globally is set to further rise next year, to top 27 million bpd.\u00a0<\/strong><\/p>\n

In the June report, the IEA predicted that:<\/p>\n

\u201cFollowing a brief plateau, the decline is forecast to accelerate from 2026 onwards, with 2028 demand 900 kb\/d below that of 2019.\u201d\u00a0<\/em><\/p>\n

The IEA also famously said earlier this year that global demand for all three fossil fuels \u2013 oil, natural gas, and coal \u2013\u00a0is set to peak before 2030<\/a>, which undermines the case for increasing investment in fossil fuels.\u00a0\u00a0<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 12\/29\/2023 – 12:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/record-global-gasoline-consumption-defies-iea-forecast-ev-hype<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Record Global Gasoline Consumption Defies IEA Forecast (& EV Hype) Authored by Tsvetana Paraskova via OilPrice.com, Global gasoline consumption hit a record 26.9 million barrels…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1446512","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1446512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1446512"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1446512\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1446512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1446512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1446512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}