Americans suck down a lot of oil, a large share of it to fuel the 260 million vehicles on U.S. roadways. But demand for gasoline is expected to start declining by 2019, according to a new study.
And the U.S. isn’t unique. The study by Scottish research firm WoodMackenzie predicts that even with global car sales on track to set new records well into the next decade, global oil demand should also peak as early as 2021.
That might come as a surprise considering the surge in vehicle demand in emerging markets like China and India, especially as motorists worldwide shift from passenger cars to crossovers and other light trucks. But the WoodMac study contends that these trends will be offset by stricter U.S. and global mileage standards, as well as more efficient vehicles, many using zero-emissions powertrain technologies.