Hardly a day goes by without another media report about the impending demise of the Internal Combustion Engine (ICE) as petroleum powered cars and trucks are replaced by uber-clean Electric Vehicles (EV). It is just a matter of time before EVs start to materially reduce global oil demand thereby capping a meaningful oil price recovery now and creating an ever-shrinking industry in the future. EVs are yet another reason why the decline of petroleum production and consumption is inevitable.
Except it isn’t true. Your writer read dozens of articles and attended a conference on the future of EVs. The evidence overwhelming proves they pose no threat to oil prices anytime soon. Following is a summary of the major points.