Climate Changed

BP Sees Electric Future With Oil Demand Peaking in 2030s

Company had last year forecast demand would peak in 2040s
Revises down petrochemicals outlook due to plastics regulation

"We know a lot about these new technologies," Dudley says. "They have to be economic for our shareholders."Source: Bloomberg)

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By Anna Hirtenstein

February 20, 2018 at 9:30 AM EST

This article is for subscribers only.

The future is electric for BP Plc, though it’s not giving up on oil just yet.

The British company bumped up its forecast for electric vehicles by 80 percent to 180 million by 2035, according to an energy outlook released Tuesday. It expects a third of the miles driven in 2040 will be powered by electricity.

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