Fossil fuels have dominated transportation for the past century and are likely to continue to for the foreseeable future. However, new technologies and fuels, climate change policies and market drivers now threaten its dominance like never before.
Developments in batteries could make electric vehicles (EVs) cost competitive within a decade. Government policies and subsidies add to the pressure for change. Vehicle manufacturers are also investing tens of billions of dollars to prepare for a future that might see a growing share of EV sales.
Heavier duty vehicles, ranging from vans to long-distance trucks and buses, are also seeing a wider range of new cleaner fuel options. The transition is important for the downstream oil industry since both gasoline and diesel consumption may be threatened.
