Why Oil Production Grows Despite Accelerating EV Uptake
Despite a recent surge in electric vehicle purchases in major markets such as Europe, the United States and China, data shows that global oil production is still rising. Replacing fossil fuel cars with EVs represents a core component of worldwide efforts to combat climate change because electric vehicles do not use fossil fuels or produce tailpipe emissions. Factors such as high purchase prices and range anxiety have consistently hampered EV adoption, but a recent drop in the prices of major electric vehicle brands such as Tesla has spurred an increase in EV purchases. However, even though EV adoption is on…
