Electric Vehicle Sales Foretell a Big Oil Crash
By Paul Brown
If the car manufacturers' projections of future sales of electric cars are correct, then demand for oil will have peaked by 2027 or even earlier, sending the price of oil in a downward spiral as supply exceeds demand, said Carbon Tracker (CT), an independent financial think-tank carrying out in-depth analysis on the impact of the energy transition on capital markets.
It said fossil fuel companies have taken into account some engine fuel efficiencies and the effect they would have on oil demand, but not the expected increase in electric vehicles themselves. There is a big mismatch between forecasts of EV market penetration from vehicle manufacturers and from oil majors, said Laurence Watson, a CT data scientist.
"The oil industry is underestimating the disruptive potential of electric vehicles, which could reduce oil demand by millions of barrels a day. Increases in fuel efficiency will also eat into oil demand and the industry's profits. The oil majors' myopic position presents a serious investor risk," he told the Climate News Network.
Expectations Far Lower
The report looks at all the projections of the oil majors, including Exxon and BP, and says their figures for electric vehicle growth in the 2020s are 75 percent to 250 percent smaller than those expected by the global car manufacturers that have announced targets.
Electric vehicle sales in China alone, a figure bolstered by government intervention, are expected to be seven million a year by 2025. These, plus the three million a year aim of Volkswagen by the same date, would exceed oil industry estimates for sales for the whole world.
There are immense variables taken into account in the report. These include the number of miles driven by the average electric vehicle and the sort of car it replaces.
These variables depend on the influence of various governments' policies to reduce oil in transportation in order to keep global temperature rise below 2°C beyond pre-industrial levels. The need to reduce air pollution also strongly favours the introduction of electric vehicles in cities.
More Demand Reduction
Another of the imponderables is the increasing efficiency of the internal combustion engine, which in itself also reduces demand for oil. It follows a growing trend already well-established in several countries, including Sweden, which from 2019 will produce no more vehicles powered by internal combustion alone.
The take-up of electric vehicles is crucial to the future of the oil industry because transportation takes up 50 percent of total oil demand. About half of the demand from transport is from light passenger vehicles, those that are most likely in the short term to switch to electricity.
Heavy-duty transport, aviation and shipping are also beginning to switch, but it is cars that will make the early difference.
The report argues that it is not total oil demand that matters but the difference between supply and demand. The 2014 crash in the oil price was caused by a surplus of 2 million barrels of oil a day, mainly because of a boom in U.S. shale production.
To get the price back up in order to improve oil company profits took the combined efforts of the OPEC oil countries and the Russian government in cutting production, a process that needed three years.
According to the CT report, demand for oil will fall by 8 million barrels of oil a day by 2030 because of the expected deployment of electric vehicles, meaning that the oil-producing countries will have to constantly reduce their production in order to keep prices up.
The report argues that although oil demand will continue to be very large, the peak demand will have been reached around 2025. Demand displacement by electric vehicles "will significantly disrupt oil and gas company business models. Furthermore, we believe that when global oil demand peaks this will fundamentally alter investors' approach to the industry."
Electric Vehicles Will Soon Be Cheaper Than Gas Guzzlers https://t.co/3SJEi1Jnsf @EV_Research @EVdotcom— EcoWatch (@EcoWatch)1506548412.0
Reposted with permission from our media associate Climate News Network.
EcoWatch Daily Newsletter
If weather is your mood, climate is your personality. That's an analogy some scientists use to help explain the difference between two words people often get mixed up.
Size Matters<p>Climates are a bit like woven tapestries. The big picture is important, no question. But so are all the seemingly minor details found inside the larger whole.</p><p><a href="https://research-information.bris.ac.uk/en/persons/tommaso-jucker" target="_blank">Tommaso Jucker</a> is an environmental scientist at the University of Bristol. In an email, Jucker says he'd define the term microclimate as "the suite of climatic conditions (temperature, rainfall, humidity, solar radiation) measured in localized areas, typically near the ground and at spatial scales that are directly relevant to ecological processes."</p><p>We'll talk about that last bit in a minute. But first, there's another criteria to discuss. According to some researchers, a microclimate — by definition — must differ from the larger area that surrounds it.</p><p><a href="https://www.cfc.umt.edu/research/paleoecologylab/publications/Davis_et_al_2019_Ecography.pdf" target="_blank">Forests</a> provide us with some great examples. "The climate near the ground in a tropical rainforest is dramatically different from the climate in the canopy 50 meters [164 feet] above," says University of Montana ecologist <a href="https://www.cfc.umt.edu/personnel/details.php?ID=1110" target="_blank">Solomon Dobrowski</a> in an email. "This vertical gradient among other factors allows for the staggering biodiversity we see in the tropics."</p><p>Likewise, scientists observed that a 2015 partial <a href="https://animals.howstuffworks.com/insects/bees-stopped-buzzing-during-2017-solar-eclipse.htm" target="_blank">solar eclipse</a> caused the air temperature of an Eastern European meadow to <a href="https://rmets.onlinelibrary.wiley.com/doi/full/10.1002/wea.2802" target="_blank">change more dramatically</a> than it did in a nearby forest. That's because trees provide not only shade, but their leaves also reflect solar radiation. At the same time, forests tend to reduce wind speeds.</p><p>All those factors add up. A 2019 review of 98 wooded places — spread out across five continents — found that forests are 7.2 degrees Fahrenheit (4 degrees Celsius) <a href="https://natureecoevocommunity.nature.com/posts/47363-forests-protect-animals-and-plants-against-warming" target="_blank">cooler on average</a> than the areas outside them.</p><p>Now if you hate the cold, don't worry; there's a cozy exception to the rule. According to that same study, forests are usually 1.8 degrees Fahrenheit (1 degree Celsius) warmer than the external environment during the wintertime. Pretty cool.</p>
A Bug's Life<p>When does a microclimate stop being, well, micro? In other words, is there a maximum size we should be aware of when discussing them?</p><p>Depends on who you ask. "In terms of horizontal scale, some have defined 'microclimate' as anything that is less than 100 meters [328 feet] in range," Jucker says. "I'm personally less prescriptive about this."</p><p>Instead, he says the "scale at which we want to measure [a particular] microclimate" ought to be "dictated" by the questions we're trying to answer.</p><p>"If I want to know how temperature affects the photosynthesis of a leaf, I should be measuring temperature at centimeter scale," Jucker explains. "If I want to know if and how temperature affects the habitat preference of a large, mobile mammal, it's probably more relevant to capture temperature variation across [tens to hundreds] of meters."</p><p>For instance, solitary plants have the power to generate itty-bitty microclimates. Just ask <a href="https://www.colorado.edu/geography/peter-blanken-0" target="_blank">Peter Blanken</a>, a geography professor at the University of Colorado, Boulder and the co-author of the 2016 book, "<a href="https://amzn.to/2XN6FT8" target="_blank">Microclimate and Local Climate</a>."</p>
The urban heat island effect is a good example of how microclimates work. NOAA
Microclimates on a Grand Scale<p>It's no secret that our planet is going through some rough times at the macro level. The global temperature is <a href="https://climate.nasa.gov/vital-signs/global-temperature/" target="_blank">climbing</a>; nine out of the <a href="https://www.noaa.gov/news/2019-was-2nd-hottest-year-on-record-for-earth-say-noaa-nasa" target="_blank">10 hottest years on record</a> have occurred since 2005. And by one recent estimate, roughly 1 million species around the world are <a href="https://ipbes.net/sites/default/files/2020-02/ipbes_global_assessment_report_summary_for_policymakers_en.pdf" target="_blank">facing extinction</a> due to human activities.</p><p>"One of the big questions that ecologists and environmental scientists are trying to answer right now is how will individual species and whole ecosystems respond to rapid climate change and habitat loss," says Jucker. "...To me, [microclimates are] a key component of this research — if we don't measure and understand climate at the appropriate scale, then predicting how things will change in the future becomes a lot harder."</p><p>Developers have long understood the impact small-scale climates have on our daily lives. <a href="https://science.howstuffworks.com/environmental/green-science/urban-heat-island.htm#pt0" target="_blank">Urban heat islands</a> are cities that have higher temperatures than neighboring rural areas.</p><p>Plants release vapors that can moderate local climates. But in cities, natural greenery is often scarce. To make matters worse, plenty of our roads and buildings have a bad habit of absorbing or re-emitting heat from the sun. <a href="https://www.google.com/books/edition/Microclimate_and_Local_Climate/LHUZDAAAQBAJ?hl=en&gbpv=1&bsq=urban%20heat%20island" target="_blank">Vehicle emissions</a> don't exactly help the situation.</p><p>Still, it's not like Boston or Beijing are thermal monoliths. Sometimes, the documented temperatures <a href="https://e360.yale.edu/features/can-we-turn-down-the-temperature-on-urban-heat-islands" target="_blank">within a single city</a> vary by 15 to 20 degrees Fahrenheit (8.3 to 11.1 degrees Celsius).</p><p>That's where metro parks and city trees come in. They have nice cooling effects on nearby neighborhoods. "Several cities around the world have developed programs to increase urban green spaces," says Blanken. "Tree planting programs and green roof programs, have been shown to lower surface temperatures, decrease air pollution and decrease surface water runoff (urban flash-flooding) in urban areas."</p>
An "explosive" wildfire ignited in Los Angeles county Wednesday, growing to 10,000 acres in a little less than three hours.
- 10 Wildfires Ignite Around Los Angeles in Unseasonable Wind and ... ›
- 550,000 Acres on Fire in Alaska in Latest Sign of the Climate Crisis ... ›
- Sonoma County Wildfire Spreads 7000 Acres in Less Than Five Hours ›
- What Should We Know About Wildfires in California - EcoWatch ›
- California's Rainless February Points to Dangerous Drought, Early ... ›
By Jeff Berardelli
Note: This story was originally published on August 6, 2020
If asked to recall a hurricane, odds are you'd immediately invoke memorable names like Sandy, Katrina or Harvey. You'd probably even remember something specific about the impact of the storm. But if asked to recall a heat wave, a vague recollection that it was hot during your last summer vacation may be about as specific as you can get.
<div id="ecf36" class="rm-shortcode" data-rm-shortcode-id="c2dcc9d48a6cd61f247df1544539a783"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1290959314132361216" data-partner="rebelmouse"><div style="margin:1em 0">Naming heatwaves is a good idea—making the abstract concrete, the invisible visible. Why should hurricanes and wild… https://t.co/hDWgYb79Ob</div> — Ed Maibach (@Ed Maibach)<a href="https://twitter.com/MaibachEd/statuses/1290959314132361216">1596623660.0</a></blockquote></div>
- Human Activity Caused Latest European Heat Wave, Scientists Say ... ›
- Antarctica Experiences First Known Heat Wave - EcoWatch ›
- Intense Heat Wave Bakes Much of the U.S. - EcoWatch ›
Thailand has a total population of 5,000 elephants. But of that number, 3,000 live in captivity, carrying tourists on their backs and offering photo opportunities made for social media.
- Botswana Auctions Off First Licenses to Kill Elephants Since Ending ... ›
- Wild-Caught Elephants Can Die Up to 7 Years Earlier - EcoWatch ›
- Thailand's captive elephants face starvation amid COVID-19 tourism ... ›
- Thai Tourist Park Sets Captive Elephants Free to Focus On ... ›
- Suffering unseen: The dark truth behind wildlife tourism ›
- Captive Elephants in Thailand May Starve as Tourist Camps Close ... ›
- The Complicated Business of Saving Elephant Tourism: A Skift ... ›
One of the challenges of renewable power is how to store clean energy from the sun, wind and geothermal sources. Now, a new study and advances in nanotechnology have found a method that may relieve the burden on supercapacitor storage. This method turns bricks into batteries, meaning that buildings themselves may one day be used to store and generate power, Science Times reported.
Bricks are a preferred building tool for their durability and resilience against heat and frost since they do not shrink, expand or warp in a way that compromises infrastructure. They are also reusable. What was unknown, until now, is that they can be altered to store electrical energy, according to a new study published in Nature Communications.
The scientists behind the study figured out a way to modify bricks in order to use their iconic red hue, which comes from hematite, an iron oxide, to store enough electricity to power devices, Gizmodo reported. To do that, the researchers filled bricks' pores with a nanofiber made from a conducting plastic that can store an electrical charge.
The first bricks they modified stored enough of a charge to power a small light. They can be charged in just 13 minutes and hold 10,000 charges, but the challenge is getting them to hold a much larger charge, making the technology a distant proposition.
If the capacity can be increased, researchers believe bricks can be used as a cheap alternative to lithium ion batteries — the same batteries used in laptops, phones and tablets.
The first power bricks are only one percent of a lithium-ion battery, but storage capacity can be increased tenfold by adding materials like metal oxides, Julio D'Arcy, a researcher at Washington University in St. Louis, Missouri, who contributed to the paper and was part of the research team, told The Guardian. But only when the storage capacity is scaled up would bricks become commercially viable.
"A solar cell on the roof of your house has to store electricity somewhere and typically we use batteries," D'Arcy told The Guardian. "What we have done is provide a new 'food-for-thought' option, but we're not there yet.
"If [that can happen], this technology is way cheaper than lithium ion batteries," D'Arcy added. "It would be a different world and you would not hear the words 'lithium ion battery' again."
One of the concerns about a warming planet is the feedback loop that will emerge. That is, as the planet warms, it will melt permafrost, which will release trapped carbon and lead to more warming and more melting. Now, a new study has shown that the feedback loop won't only happen in the nether regions of the north and south, but in the tropics as well, according to a new paper in Nature.
- Amazon Deforestation Is Causing 20% of Forests to Release More ... ›
- World's Oceans Warming 40% Faster Than Previously Thought ... ›
- Earth Is Hurtling Towards a Catastrophe Worse Than the Dinosaur ... ›
By Jessica Corbett
A sheriff in Florida is under fire for deciding Tuesday to ban his deputies from wearing face masks while on the job—ignoring the advice of public health experts about the safety measures that everyone should take during the coronavirus pandemic as well as the rising Covid-19 death toll in his county and state.
<div id="7a571" class="rm-shortcode" data-rm-shortcode-id="aad9dcf60e7385e6553ff23ffc1ae75d"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1293527664389693447" data-partner="rebelmouse"><div style="margin:1em 0">Deaths hit a record in Florida yesterday. This guy's jail system is rife with COVID. And he's banned masks in his s… https://t.co/Cbp2wR32o1</div> — Michael McAuliff (@Michael McAuliff)<a href="https://twitter.com/mmcauliff/statuses/1293527664389693447">1597236002.0</a></blockquote></div>
<div id="79024" class="rm-shortcode" data-rm-shortcode-id="4ac086eab58b9713f2ad777c40938252"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1293578984148606977" data-partner="rebelmouse"><div style="margin:1em 0">This actively puts peoples' lives at risk. https://t.co/GKF0Xgjyex</div> — CAP Action (@CAP Action)<a href="https://twitter.com/CAPAction/statuses/1293578984148606977">1597248238.0</a></blockquote></div>
- Beaches Reopen Before Memorial Day, but Is It Safe to Go ... ›
- Crowds Gather Over Memorial Day Weekend Despite Pleas From ... ›