Electric Vehicles Increase Fossil Fuel Demand?

It is widely believed that electric vehicles will destroy fossil fuel demand. We find they will increase it by 0.7Mboed from 2020-35. The reason is that 3.7x more energy is consumed to manufacture each EV than the net road fuel it displaces each year; while manufacturing of EVs is seen growing exponentially. The finding is a strong positive for natural gas, as outlined in our new 13-page note.