Exxon Mobil, the world’s largest oil company, predicts one out of every two cars will be either a hybrid or some other alternative-fuel vehicle by 2040.
Currently, hybrid cars account for less than 1 percent of all vehicles on the world’s roads. Exxon believes hybrids will become mainstream as governments boost fuel-efficiency requirements. Using both gasoline and electricity for power, hybrids will increasingly use natural gas, nuclear power and renewable energy sources like wind, Exxon said in its annual energy outlook.
Naturally, Exxon Mobil couldn’t have forgotten about oil. The company says oil will remain king of the energy world for many years. By 2040, 90 percent of the world’s transportation will still run on oil-based fuels, Exxon predicts. Global fuel consumption will rise 25 percent as more oil will be discovered. Exxon estimates the world has enough oil to last 100 years at current demand levels.
“One gallon of gasoline has enough energy to recharge an iPhone for almost 20 years,” William Colton, Exxon’s strategic planning chief, was quoted as saying by Wall Street Journal. He added that gasoline-powered hybrids will be the cheapest hybrids, and much more cheaper that battery-powered cars.
J.D. Power and Associates expects hybrids to have only a 3 percent share of the market in 10 years.