ExxonMobil Sees An Electric Vehicle Future $XOM 0

A new report from ExxonMobil predicts that nearly half of the world’s cars will either be hybrids or powered by alternative fuels by 2040. While hybrids now account for just about 1 percent of all vehicles worldwide, the oil giant forecasts that hybrids and alternative energy vehicles will move to the mainstream as governments increasingly push for better fuel efficiency. The ExxonMobil report, “The Outlook for Energy: A View to 2040,” predicts that overall energy demand will remain flat in developed nations over the next three decades, but demand in developing nations such as China and India will increase nearly 60 percent from 2010 to 2040. The report also predicts a worldwide boom in shale gas production and forecasts that 30 percent of the world’s electricity will be produced from natural gas, while demand for coal will peak before seeing “its first long-term decline in modern history.”

Original Article on Yale Environment 360

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