The comments are a stark prediction in an industry that frequently downplays the impact of electrification and points to forecasts of rising global oil demand to justify new investment and pipeline expansions.
Canada is the world’s fourth-largest oil producer and the sector accounts for 10.6% of the country’s gross domestic product.
“While Canadian oil and gas will remain a significant part of the global energy mix for some time, we have to take advantage of new opportunities that offer attractive growth prospects,” Suncor CEO Mark Little said in an opinion article for Canada’s Corporate Knights magazine.
The assessment came as BloombergNEF noted that Australia remains a laggard in the uptake of electric vehicles, which accounted for just 0.7 per cent of total new car sales in 2019, despite a record year inspired by the release of the Tesla Model 3…
Sales of electric passenger vehicles are forecast to fall 18% in 2020, to 1.7 million worldwide – with the coronavirus crisis interrupting ten successive years of strong growth. However, sales of combustion engine cars are set to drop even faster this year (by 23%), and the long-term electrification of transport is projected to accelerate in the years ahead.
The agency said in the new edition of it Global Energy Review that the annual drop in oil demand this year could reach 9 percent, which translates into a loss of 9 million bpd. This would make 2020 oil demand equal to the average levels in 2012.
“Now is a good time to reflect how our regulatory framework — including tax systems –- can better support a more sustainable and resilient future,” Simson said in an e-mailed response to questions. “Getting rid of fossil fuel subsidies while lowering taxes on electricity can nudge us in the right direction, without putting too much pressure on the consumers.”
According to data from navigation service TomTom, Friday morning traffic in the City of Los Angeles ran barely half of what it would be in more normal times and, in recent days has been off by as much as 85%. The same is true for other major cities around the U.S., including New York, Atlanta and Chicago.
With lockdowns related to the coronavirus pandemic a major factor, American drivers are expected to not just drive less for all of 2020 but experience the biggest year-over-year decline in a full half-century, according to CCC Information Services. »
McLaren is advancing plans to create a development car that runs on synthetic fuel to prove the technology’s validity as an alternative to battery-electric vehicles for lowering the ecological impact of motoring, COO Jens Ludmann has revealed. »
In a blow to efforts to curb greenhouse gas emissions, the so-called SAFE Rule will drastically lower how much automakers need to improve on fuel efficiency year-over-year.
The U.S. Department of Transport as well as the Environmental Protection Agency (EPA) confirmed what had long been rumoured in a press release, calling the rule SAFE, for “Safer Affordable Fuel-efficient vehicles.”
The ultimate effect of significantly lowering vehicle gas mileage standards will lead to a reduction of investment and interest in EVs in the United States while the rest of the world continues to move forward.