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BP Sees Oil Demand Growth Swamping Impact of Electric Cars

Rising demand for oil over the next two decades is likely to overwhelm the impact of the electric car on crude markets, said Spencer Dale, chief economist for BP Plc.

“They’ll have a huge impact in terms of air quality, but it’s not a game changer over 20 years even with aggressive electric vehicle penetration,’’ Dale said at in a panel discussion at the Bloomberg New Energy Finance summit in London on Tuesday.

The clean-energy research unit of Bloomberg LP estimates that battery-electric vehicles, which only run on power from a plug, will displace 13 million barrels of oil a day by 2040. BP projects oil demand to increase by about 20 million barrels a day over the next 20 years, with about a quarter of supply going to passenger vehicles.

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