"U.S. demand has been pressured by a mix of factors, including more people flying instead of driving long distances and more fuel-efficient cars and electric vehicles, UBS analyst Giovanni Staunovo said last month."
Like bankruptcy, the energy transition happens slowly and then all of a sudden. 20% of 2023 global light vehicle sales were EVs and hybrids, and the manufacturing ramp rate for EVs is rapidly accelerating.
"U.S. demand has been pressured by a mix of factors, including more people flying instead of driving long distances and more fuel-efficient cars and electric vehicles, UBS analyst Giovanni Staunovo said last month."
https://www.reuters.com/markets/commodities/global-gasoline-...
Having said that, it's only 1.7% below last year.
Like bankruptcy, the energy transition happens slowly and then all of a sudden. 20% of 2023 global light vehicle sales were EVs and hybrids, and the manufacturing ramp rate for EVs is rapidly accelerating.
Are we at peak oil demand? Almost it appears.
https://www.iea.org/commentaries/oil-demand-growing-at-a-slo...
https://www.iea.org/news/slowing-demand-growth-and-surging-s...
It's too doggone hot outside and I'm too busy with working (from home) to go traveling.
What, am I going to join a six hour Teams call from the airport? News painted by numbers, make your own determination