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energy demand is hardly manufactured.
example:
Morgan Stanley analysts Wednesday issued a forecast for global miles driven rising to 32 trillion by 2030, up from 11 trillion currently, with emerging markets a big driver of the growth. They say that forecast is not only bullish for electric cars and light trucks, but also for gains by gasoline-fueled vehicles.
For example, they expect China, the largest and fastest adapter of electric vehicles, to increase miles traveled to nearly 9 trillion by 2040, up from 1.5 trillion currently.
"Even allowing for an aggressive penetration of EVs, we forecast gasoline demand for light vehicle transport to roughly triple by the mid-2030s before beginning a slow decline," the Morgan Stanley analysts wrote. "It's little wonder why the Chinese government is so focused on encouraging the development of a sustainable electric transport ecosystem on the grounds of energy security and environmental sustainability."
Electric cars and light trucks, including hybrids, in the last year displaced only about 50,000 barrels a day of oil in a world that is using 100 million barrels a day for the first time this year, according to IHS Markit.
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