China is shifting production from fuel and into petrochemicals used to manufacture clean energy products. Each battery and solar panel they produce reduces fossil fuel demand.
Oil is used in the production of damn near every product on earth including EVs.
EV’s use a tiny fraction of the amount of petroleum used to fuel ICE.
https://arstechnica.com/cars/2023/11/280-million-e-bikes-are-slashing-oil-demand-far-more-than-electric-vehicles/
Bloomberg says e-bikes are already displacing about 1% of global oil demand. That’s a lot of oil.
SINOPEC announced that oil demand had already peaked in China, so this trend is likely to reverse a lot sooner than expected.
https://www.bnnbloomberg.ca/chinese-oil-refiners-spend-heavily-to-tap-clean-energy-boom-1.2004676
China is shifting production from fuel and into petrochemicals used to manufacture clean energy products. Each battery and solar panel they produce reduces fossil fuel demand.
EV’s use a tiny fraction of the amount of petroleum used to fuel ICE.