Electric Vehicles Displace Five Times More Oil Globally Than in 2021, Study Finds

Battery electric vehicles now eliminate roughly 1.2 million barrels of oil daily, representing a fivefold increase over the past five years, according to an analysis by Transport & Environment. While fully electric models comprise just over 4% of vehicles on the road today, their share of new car sales has surged to roughly 25% worldwide. The data highlights fleet electrification as the primary driver in blunting worldwide petroleum demand.