Global gasoline consumption high record highs in 2023, despite predictions EVs would lower demand

Worldwide gasoline consumption hit record highs in 2023, amid the global push among nations to transition from fossil fuels to such renewable energies as wind and solar.

Citing the latest figures from the International Energy Agency (IEA), Bloomberg reports that global gasoline consumption increased to about 26.9 million barrels per day, which is expected to increase to 27 million barrels per day in 2024.

The figures are in contrast to the IEA’s forecasts published in June, which predicted that gasoline consumption would peak at 26.9 million barrels daily in 2023 and begin to reverse. The IEA attributed these projections to a pivot toward “lower emission sources” as a result of the global energy crisis, as well as growth in electric vehicle sales.

While EV sales continue to grow, they are falling beneath predictions as consumer interest wanes. In November, nearly 4,000 dealerships in the U.S. wrote to President Joe Biden, warning that their lots are filling up with unsold EVs and asking him to pull back on his mandates.

Gasoline demand peaked just before the 2020 pandemic, before surging past that point in 2023, according to the IEA figures. This increase, Bloomberg reported, came at a time of high gasoline prices, continuing high percentages of people working from home, and slowing economic growth in China.