IEA: Gasoline Demand May Never Fully Recover

Global gasoline may have peaked, thanks to fuel efficiency gains and the growing popularity of electric vehicles, the International Energy Agency said in a new report, noting that these trends offset growth in mobility in emerging economies. The report, which looks at the next five years, also suggests peak oil demand may be near, thanks to stronger government policies—if they materialize—in favor of renewable energy, and behavioral changes. “The Covid-19 crisis caused a historic decline in global oil demand – but not necessarily…