Why It’s So Difficult to Transition Away from Oil
The transportation sector accounts for the largest share (66%) of U.S. petroleum consumption followed by industrial (28%), residential (3%), commercial (2%) and electric power (<1%) (EIA).
Global Vehicle Stock Projections
Despite the rapid growth of electric vehicle sales, the number of conventional vehicles using both gasoline and diesel on the road are not expected to peak until the 2030s.
Mandated fuel economy improvements for passenger cars and commercial vehicles are expected to be the leading factor impacting oil demand in road transport.
Gasoline is likely the petroleum product with the most commercial-ready substitutions, yet its transition will still take several decades.