Oil & gas market project difficult future amid EV push
The oil and gas market is being slammed by the push to manufacture more electric vehicles.
This EV “boom” reduced the consumption of gasoline by the droves, but also hampered the production of oil. The transportation sector, one of the largest consumers of diesel and gasoline, accounts for almost 60% of the global demand for the product and with regulatory changes coming down the line… that’s going to be changing in short order.
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Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.