The global adoption of battery electric vehicles (BEVs) is having a notable effect on oil demand across several key markets. Oil has been the primary source of energy for the transport industry for over a century, and a large portion of the world’s infrastructure grew around the extraction, refining, and distribution of oil and petroleum products. Although this reliance on oil has significantly contributed to premature atmospheric heating and accelerated climate change, fossil fuels were integral to the transport sector and several other energy-intensive industries.
As more companies like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) continue to make inroads into the energy storage and EV battery market segments, we are likely to see further reductions in the amount of oil used around the world as more people charge their EVs using…
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