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Is the Oil Industry Facing Its Final Decline?

A recent trend suggests a "last gasp" for oil enthusiasts as EV adoption grows. IC vehicle sales are plummeting, signifying a shift.

Recent trends suggest that the auto industry might be witnessing a significant shift away from traditional internal combustion (IC) vehicles, with electric vehicles (EVs) gaining momentum.

A comment by reader Tom Storey on a recent article highlighted some intriguing points:

From a dealer marketing perspective, there is a $7,500 incentive for many new EVs. The US is not yet in the “early majority” phase of adoption. People will jump in as the wave develops. The EU is ahead of the US by 18 to 24 months. EU BEV sales share is about 15% overall, while the US is about 8%. By the second half of 2026, the US might hit 15% with nearly 60 new EV models available. Meanwhile, the EU could be closing in on a 27% BEV share, entering the “early majority.” China is an interesting case as incentives fluctuate, but they seem to be in the early majority with around 25% BEV sales share in the first half of 2024.

EU sales of new IC vehicles are down 30% since 2019.
US sales of new IC vehicles are down 20% since 2018.

The Decline of Legacy Technology

Storey’s insights emphasize that consumers tend to stop buying outdated technology quicker than they adopt new technology. This trend is evident in the current automotive market, where sales of IC vehicles are declining faster than the adoption rate of EVs.

Growth of Electric Vehicles

Despite concerns about EV sales growth not meeting expectations, the market has seen substantial increases. For instance, Ford has reported significant growth in its EV segment this year.

Current Auto Sales Trends

US auto sales were down 5% in the first quarter compared to the same period in 2019, as noted in a recent report. Additionally, the number of cars and trucks on dealer lots across the USA is increasing due to higher production rates than sales. This growing inventory suggests a shift in consumer preference away from traditional IC vehicles.

The traditional IC vehicle market may be experiencing its last attempts to maintain dominance amidst the rising popularity of EVs. The shift towards electric vehicles appears inevitable, with significant changes in consumer behavior and industry trends supporting this transition.

Original Story at cleantechnica.com

Trending News

Mississippi River Faces Persistent Saltwater Intrusion, Region Seeks Long-Term Solutions



For the third consecutive year, the Mississippi River is experiencing significant saltwater intrusion, prompting local communities and environmental experts to search for sustainable solutions. This recurring issue arises as the river’s flow decreases, allowing saltwater to move upstream and threaten drinking water supplies. The U.S. Army Corps of Engineers is actively involved in addressing this problem, employing temporary measures like saltwater barriers to mitigate the impact on affected areas.



Saltwater infiltration poses serious risks to public health and agriculture, as freshwater sources become compromised. The situation is exacerbated by prolonged periods of drought, which have reduced freshwater flow in the Mississippi River. According to the National Weather Service, drought conditions have worsened due to climate change, increasing the frequency and severity of saltwater intrusion events.



Local authorities are collaborating with federal agencies to explore permanent solutions. Among the proposed strategies are enhanced levee systems and improved water management techniques. The U.S. Army Corps of Engineers is evaluating the feasibility of long-term infrastructure projects to prevent further saltwater encroachment. Additionally, community leaders are advocating for increased funding to support these initiatives and safeguard the region’s water resources.



The impact of saltwater intrusion extends beyond drinking water concerns, affecting local ecosystems and agricultural productivity. Farmers in the region have reported crop damage due to elevated salinity levels in irrigation water. The Natural Resources Conservation Service is working with farmers to implement adaptive practices, such as planting salt-tolerant crops and improving soil management techniques.



As the Mississippi River continues to face challenges from saltwater intrusion, stakeholders emphasize the importance of collaborative efforts and innovative solutions. The ongoing threat underscores the need for comprehensive planning and investment to protect one of America’s most vital waterways from the impacts of climate change and environmental stressors.

November 19, 2024



Environmental activists have raised concerns over the fossil fuel sector’s significant impact on COP29, the latest United Nations Climate Change Conference. Activists argue that the industry’s presence diverts focus from critical climate actions.



The conference, designed to promote global climate agreements, faces criticism for allowing fossil fuel companies to participate extensively. Environmental groups claim these companies undermine efforts to reduce carbon emissions and transition to renewable energy sources.



According to Climate Action Network, fossil fuel representatives have increased their lobbying activities, aiming to weaken climate policies. These industries allegedly influence negotiations, leading to watered-down commitments that fail to address the urgency of climate change effectively.



Experts suggest that the influence of these companies stems from financial contributions and longstanding relationships with decision-makers. Critics argue that this affects the conference’s ability to enforce meaningful climate change regulations.



During the event, several protests highlighted the need for transparency and a stronger focus on sustainable energy solutions. Activists are calling for increased participation of renewable energy stakeholders in future conferences.



The controversy surrounding fossil fuel involvement at COP29 underscores the ongoing challenge of balancing industrial interests with the global imperative to combat climate change.



November 19, 2024