By the Numbers: Electric vehicles and oil consumption

A look at electric vehicles and their impact on oil demand by the numbers.
1:32 | 05/24/22

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Transcript for By the Numbers: Electric vehicles and oil consumption
- Electric vehicles, once maybe considered a niche alternative, are now making significant inroads in the world's major markets. Who's using them and what does that mean for oil consumption? We have some answers by the numbers. One and a half barrels of oil per day were saved by the use of electric vehicles last year, according to a new Bloomberg report. That's a huge emission savings, and more than double the last count in 2015. It accounts for 3% of total worldwide oil consumption, and is equivalent to one-fifth of Russia's total exports prior to the war. 67% of the avoided oil use was thanks to electric scooters and motorcycles, which are very popular in Asia. Another 16% was saved by electric buses. Passenger vehicles accounted for 13% of the savings, but they are the fastest growing segment. Global electric vehicle sales grew by 103% last year. Europe and China are the biggest buyers. The US trails with just 10% of the world's EV sales. 4.6% of new car registrations in the US were electric in the first quarter of this year. That's nearly double last year, but EVs still account for less than half of a percent of all vehicles on US roads. Some analysts say that our relatively slow transition to electric vehicles is due to policy differences. The European Union plans to ban gas-powered vehicles by 2030, and China is using buyer subsidies and other policies to urge the transition. President Biden has set a target for half of new cars to be electric by 2030, but tax breaks and other incentives are meeting some resistance in Congress.

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