• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 10 hours U.S. Presidential Elections Status - Electoral Votes
  • 32 mins Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 12 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 36 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 mins .
  • 17 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 2 days Joe Biden's Presidency
When Will Oil Demand Fully Recover?

When Will Oil Demand Fully Recover?

Oil consumption patterns are still…

OPEC’s Production Increases As Iran Ramps Up Output

OPEC’s Production Increases As Iran Ramps Up Output

OPEC’s crude oil production is…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

The “Great Car Comeback” Brightens Oil Demand Outlook

Despite high vaccination rates in many parts of the world, people appear to be still wary of public transit, opting for personal vehicles, which is driving up demand for crude oil along with metals.

Called “the great car comeback” by Bloomberg, the trend is visible in locations as diverse as Tel Aviv, Moscow, and Bucharest, according to data from satellite navigation device maker TomTom.

Car sales in Europe soared by 63 percent last month to 1.39 million, which was high not just compared to last year, when sales of everything but handwash and toilet paper were subdued. The March registrations number was the highest monthly car sales figure since June 2019, Bloomberg noted in an earlier report.

Car sales rose in the first quarter, at double-digit rates. Electric cars—including plug-in hybrids—also increased strongly but constituted just 15 percent of total quarterly sales. This means gasoline cars are still the preferred option for many drivers, hence the good news for oil demand.

But the news is not so good for city dwellers, according to the more recent Bloomberg report. The great car comeback could be here to stay as one of the lasting effects of the pandemics on our lifestyle. This would mean heavier traffic jams in already congested cities, and longer commutes for those who will still be working from an office. Before that, however, people will be traveling for pleasure.

“People have a lot of cash in their pockets, and as lockdowns ease places will open up and allow those kind of leisure trips that may have been blocked,” one of the founders of Energy Aspects, Richard Bronze, told Bloomberg.

All this may change in the longer term as governments plan or mull over bans on gasoline cars. For now, however, gasoline is having a golden era.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News