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Blog - Latest News
oil demand

Oil Demand to Peak in 2030s: Report

February 25, 2019/in In the News/by Gray Leigh

Electric Vehicle Adoption could Force Oil Demand to Plummet

The auto industry’s future poses many questions. Namely, what kind of car will most people drive over the next 10-20 years? However, most national governments and car manufacturers seem to agree. Global transportation will one day be completely electric. As a result, management consulting firm McKinsey believes oil demand will soon plummet.

READ: Wireless EV Charging on the Horizon

This prediction is included in the company’s Global Energy Perspective 2019 report. Ultimately, it makes a bold claim: that electric and gas-powered cars will soon reach cost parity. How soon? The early 2020s.

Furthermore, it predicts EV market penetration for the industry’s 3 largest markets. First, China will experience parity. This will be followed by Europe and then the US.

oil demand

100 million EV sales by 2035

McKinsey’s predictions aren’t exactly surprising. Firstly, most of the world’s largest automakers have made serious EV commitments. Additionally, several technology firms (including Dyson) plan to enter the market. Similarly, Apple currently weighs the pros and cons.

Secondly, several large economies have made similar commitments. Germany has invested enormously in South American lithium – the primary component in Lithium-Ion batteries. Meanwhile, Indonesia and India plan on becoming battery production hubs.

Lastly, the technology behind plug-in vehicles rapidly improves. Li-Ion batteries are steadily becoming safer and more effective. 2030 will see the release of solid-state batteries. Currently, liquid-state batteries are able to travel over 300 miles on a single charge.

Exponential Growth and Electric Vehicles

oil demandFurthermore, charging stations grow in abundance. Granted, North America lags in this area. However, the Trump Administration identified lithium as a valuable resource in late 2017.  Specifically, it passed legislation labeling the mineral as crucial to the nation’s economic well-being.

As a result, the minerals involved in Li-Ion batteries are expected to increase in value. This includes cobalt, tin, nickel, lithium and several others.

However, McKinsey’s report could potentially undersell how quickly EVs grow in popularity. Smartphone and PC adoption beat industry expectations years ago. The same could happen here.

After all, the transportation industry is the No. 1 contributor to climate change. Expect oil demand to take a hit.

 

Related Articles

Apple Electric Vehicles: Will They or Won’t They?

Global Lithium Market for Batteries to Double

2019 Electric Cars To Get Excited About

Ultra Lithium Inc. A team of lithium experts with a finger on the pulse of clean energy news, Ultra Lithium is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).

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LATEST NEWS

  • Ultra Lithium Cuts 1.81 Percent Lithium Oxide Over 10 Meters in Channel Samples at the Forgan Lake Lithium Property Northwestern OntarioMarch 3, 2023 - 10:16 am
  • Ultra Lithium Invites Shareholders and Investment Community to Visit Booth #2353 at PDAC 2023 Toronto, March 5-8, 2023March 2, 2023 - 6:00 am
  • Ultra Lithium Assays Up To 417 PPM Lithium in Drill Hole at the Laguna Verde Brine Lithium Project in ArgentinaFebruary 28, 2023 - 4:30 am
  • Ultra Lithium Intersects 2.68 Percent Lithium Oxide at The Forgan Lake Lithium Property in Northern Ontario, CanadaFebruary 8, 2023 - 5:00 am
  • Ultra Lithium Responds to Government of Canada Critical Minerals AnnouncementNovember 4, 2022 - 4:30 am

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Ultra Resources Inc.
1120 – 789 West Pender St.
Vancouver BC V6C 1H2
Canada

Kiki Smith, CPA, CGA
Chief Financial Officer
E: [email address protected by javascript]
T: +1-778-968-1176

Afzaal Pirzada, M.Sc.(Geo), P.Geo.
Vice President, Exploration
E: [email address protected by javascript]
T: +1-778-558-4940

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