Petrochemicals Are Big Oil’s Next Big Profit Hedge

The ongoing electrification drive and the EV revolution have elicited dire forecasts about the imminent demise of the nearly two-century old oil & gas industry. Last year, Bloomberg predicted that global demand for road fuel will peak in 2027 at an all-time high of 49 million barrels per day before entering terminal decline. Bloomberg says that rapid adoption of electric vehicles, shared mobility and ever-improving fuel efficiency are the biggest bear catalysts for oil, with EVs expected to displace a staggering 20 million barrels…