OPEC is predicting that 94% of cars on the road will still be powered by oil-based fuels in 2040.
“Without a technology breakthrough, battery electric vehicles are not expected to gain significant market share in the foreseeable future,” the organization said in its annual World Oil Outlook. The group predicts battery-powered electric cars will capture just 1% of global vehicle sales by 2040.
OPEC says there will be little demand for other alternative-energy vehicles powered by hydrogen fuel and natural gas due to high costs and a lack of refueling stations. OPEC — a group of major oil producing nations — depends on oil-guzzling industries like the transportation sector to make money, so it isn’t surprising that it’s not cheering the advancement of alternative-energy cars.