For decades, oil and gas companies and utilities dismissed electric cars. Now, the old petroleum and power giants are muscling into the driver’s seat of the “new fuels” industry.
It’s projected to be a big business. McKinsey counts more than 350 new electric vehicle (EV) models debuting by 2025, one of the conditions for mass-market adoption. Global demand for gasoline is set to peak around 2021 thanks to electric vehicles (EVs) and fuel efficiency gains. The energy research and consultancy Wood Mackenzie predicts charging infrastructure investment in the US will exceed $18 billion annually by 2030 for equipment, installation, operations, and services. China is expected to have three times more energy demand from EVs by then.