China Boosts EV Subsidies, Curbing Oil Demand as US Grid Expansion Looms
Summary
China boosts electric vehicle subsidies, curbing oil demand, while US grid expansion looms to meet forecasted 2.5% annual increase in electrical demand through 2035.
Key Points
- China is reducing its oil demand through massive subsidies for electric vehicles
- China's share of global manufacturing is likely near its peak as growth has slowed from 1.5% to 0.5% between 2010 and today
- US electrical demand is forecasted to increase at a 2.5% annual rate through 2035, requiring significant investment in grid capacity expansion