Impact of EVs on Oil Demand and Emissions Greatly Exaggerated

EVs increased oil demand by more than 60 mb because of excessive tire wear and tear! (With 5 charts)

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By the end of 2023, about one third of passenger vehicles in Norway were electric, plug-in hybrid, and conventional hybrid, though the majority was electric, as shown in Figure (1) below.  Sales of EVs have been growing rapidly in recent years. However, the growth in 2023 was way lower than in the previous years as shown in Figure (2)

Some may think that the high number of EVs must have led to a proportional decline in fuel demand. But that wasn’t the case. Fuel demand declined by only 60% of full replacement of an ICE vehicle, and in the last six years, it dropped by 8,300 b/d, while it was supposed to decline by around 14,000 b/d based on the regular replacement of an ICE vehicle. For clarity, if an ICE vehicle is using 10 barrels of oil per year, buying an EV did not reduce demand by 10 barrels, it reduced it by only 6 barrels.