Despite President Biden’s push for electric vehicles, an expert predicts that oil demand will continue to remain strong.
Data from Countries with Overwhelming Electric Vehicle Sales Show Flaws in Left’s Policies
Industry expert Dan Eberhart recently highlighted the flaws in the Left’s policies that aim to eliminate reliance on oil by pointing to data from countries with a high percentage of electric vehicle (EV) sales. According to Eberhart, policymakers need a reality check on how the energy transition is actually unfolding.
Norway’s Case: A Lesson in EV Adoption
Eberhart specifically mentioned Norway, a country on track to have 100% of its car sales be EVs by 2025. However, despite this impressive statistic, Norway still heavily relies on gasoline and diesel consumption. In the first half of 2023, fuel sales in Norway only dropped by 10% compared to the period from 2017 to 2019 when the country experienced an EV boom.
Eberhart emphasized that even with a significant number of EVs on the road, fuel-powered vehicles will continue to be prevalent. Norway’s case clearly demonstrates this, as the EV fleet of less than 500,000 is dwarfed by the overall fleet of nearly 3 million vehicles.
A Global Trend
Eberhart warned that Norway’s situation is likely to be replicated worldwide, despite policymakers’ push for EVs. He argued that the Biden administration should not divert from investing in domestic oil and gas resources, as EVs alone cannot instantly decarbonize the economy.
Eberhart concluded, “The U.S. and global economies will continue to rely on oil products for decades to come.”
The Biden Administration’s Plan
The Biden administration has proposed a ban on fuel-powered vehicles by 2032 as part of its plan to transition to EVs. President Biden has already allocated $2.8 billion in Department of Energy grants to support projects that accelerate America’s shift to electric vehicles.
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