Oil car that can store electricity

What role does oil and gas play in making electric vehicles?

Even as we move towards cleaner energy, the oil and gas industry still plays a vital role in making electric vehicles. For instance: Building, setting up, and keeping EV charging stations running require materials and energy that come from oil and gas.

Why should oil and gas investors invest in electric vehicles?

For oil and gas investors, understanding the vital role these resources play in the lifecycle of electric vehicles is key to grasping the broader energy picture. While EVs contribute to long-term emission reductions, their current dependence on fossil fuels highlights the enduring value of oil and gas.

How will electric vehicles affect oil consumption?

With over 10 million EVs sold globally in 2022 and continued strong growth expected in 2023 and beyond, the impact on oil consumption is becoming increasingly pronounced. By 2024, more than 20 countries globally are expected to see electric vehicles account for at least 5% of new vehicle registrations.

Will electric vehicles reshape global oil demand?

The adoption of electric vehicles (EVs) can potentially reshape global oil demand and the broader oil market. With over 10 million EVs sold globally in 2022 and continued strong growth expected in 2023 and beyond, the impact on oil consumption is becoming increasingly pronounced.

Can new energy vehicles replace fossil oil?

China's new energy vehicle industry has been booming with the largest front-end electric vehicle market worldwide, which provides an essential prerequisite and industrial base for exploring substitutes for fossil oil (Crabtree, 2019). There are two main technology paths for new energy vehicles to take the place of fuel vehicles.

What lubricants are used in electric vehicles?

Oil and gas are used to make the plastics and polymers that form both the inside and outside parts of an electric vehicle. The rubber in tires is made from petrochemicals. Electric motors and powertrains in EVs use cooling systems and lubricants that come from petroleum.