Friday, December 27, 2024
Higher Gasoline Costs Sent Consumer Price Index Soaring in April - Oil & Gas 360

Long Vehicle Life Means Oil Consumption Won’t Change Suddenly

96% of new vehicle sales in 2016 featured combustion engines The implementation of electric vehicles and ride-sharing may have long-term effects on oil demand, but the speed at which changes to the vehicle fleet takes place are likely to ensure that it happens at a slow pace, according to a report by IHS Markit. While IHS and many other prevailing