Peak Gasoline Demand Turns Out to Be a Mirage: Javier Blas

After fueling the 20th century automobile culture that reshaped cities and defined modern travel, gasoline was supposed to begin its long goodbye this year. It didn’t.

Sure, Tesla Inc. and its rivals sold more electric vehicles in 2023 than ever before, reducing fossil fuel demand. In the moneyed suburbs of London, New York and Beijing, EV cars are a common sight. From that narrow perspective, it looks like the world has already started ”transitioning away from fossil fuels,” as agreed at the recent COP28 climate talks. But it’s a mirage.

Even as EV sales increased, the global oil industry sold ...