Not to mention the amazing other uses for crude oil: lubricants, solvents, fertilizer, plastics. Crude oil is an absolutely amazing substance.
Not to mention the amazing other uses for crude oil: lubricants, solvents, fertilizer, plastics. Crude oil is an absolutely amazing substance.
https://www.forconstructionpros.com/equipment/earthmoving/ba...
https://www.constructionequipment.com/earthmoving/news/55042...
https://www.washingtonpost.com/climate-solutions/2024/06/17/...
https://electrek.co/2024/05/30/takeuchi-electric-compact-exc...
https://www.youtube.com/watch?v=BiSfUE7r0sU
While the energy density of fossil fuels is exceptionally compelling, battery technology is catching up rapidly. You don't have to drive fossil fuel use to zero immediately, simply drive it down as fast as possible in parallel across use cases (housing, light vehicles, heavy vehicles, rail, etc). China has already hit peak oil, for example. Oil will remain for some time for use cases where there is simply no other option (long haul aviation and chemical engineering), but that is a much smaller TAM than today (~100M barrels of oil/day).
Tangentially, the IEA and OPEC are currently publicly arguing over the future of oil demand due to the inflection point we’re at globally.
https://cleantechnica.com/2023/10/11/chinas-oil-gas-giant-si...
https://www.reuters.com/business/energy/iea-trims-2024-oil-d...
https://www.spglobal.com/commodityinsights/en/market-insight...
"The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others," said IEA Executive Director Fatih Birol. "Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth."