It is widely believed that electric vehicles will destroy fossil fuel demand. We find they will increase it by 0.7Mboed from 2020-35. EVs only start lowering net fossil fuel demand from 2037 onwards. The reason is that 3.7x more energy is consumed to manufacture each EV than the net road fuel it displaces each year; while the manufacturing of EVs is seen growing exponentially. The finding is a strong positive for natural gas.
the research consultancy for energy technologies
