Excerpts:
By the end of this year, a cumulative 270,000 barrels a day of diesel demand will have been displaced by electric buses, most of it in China, according to a report published 19 March by BloombergNEF. That’s more than three times the displacement by all the world’s passenger electric vehicles (a market where Tesla has a share of about 12 percent.).
By 2040, electric vehicles could displace much as 6.4 million barrels a day of demand, while fuel efficiency improvements will erase another 7.5 million barrels a day, according to BloombergNEF’s May 2018 long-term EV outlook.
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