ExxonMobil: Diesel Will Overtake Gasoline In Seven Years

 

According to a report published by ExxonMobil called Outlook For Energy: A View To 2040, diesel will overtake gasoline as the number one fuel by the year 2020, which is only seven years away.

The report also stated that diesel will continue to increase its market share well into 2040. 27 years is a very long time, so could this be wishful thinking? First: The efficiency of gasoline and diesel-fueled automobiles is likely to improve considerably, and these efficiency improvements enable us to continue using gasoline and diesel-powered vehicles, despite increasing gasoline and diesel costs. That said, diesel engines have the ability to be far more efficient than gas engines, and consumers are starting to catch on.

Apart from this, hybrid and electric vehicles have been making strides recently because of the push for electrification of the automobile, and these strides have not shrunken, they have increased in size. Gasoline demand is expected to remain flat because of these efficiencies, despite an expected doubling of the number of gasoline-powered vehicles on the road.

Finally, hybrids can also help extend the lifespan of the oil industry because their efficiency enables people to continue using gasoline, even if gasoline prices are unusually high because they won’t need much of it. Basically, fuel efficient cars, once the enemy of the oil industry, have become an unlikely ally. Wrap your mind around that.

Source: Green Car Congress