Has China reached peak gasoline?
YES, according to Sinopec, the country’s top oil refiner – years earlier than expected.
According to Bloomberg, China's top oil refiner has said that the country will reach peak gasoline this year, two years earlier than expected.
Apparently 38% of all Chinese new car sales in August were electric and fuel demand for two- and three-wheeled vehicles is already in decline, with 70% of total kilometres traveled by such vehicles already switched over to electric. Almost 40% of all ride-sharing vehicles are also electric. (I just took a look and apparently the top ride-sharing platform alone has 70 million monthly active users.)
If true, this seems like kind of a big deal?
(And yes, obviously investing in public transport such as trains and bike & walking infrastructure is much better for the environment than promoting the continued use of personal cars and trucks. We should be doing so much more of that! But for many parts of the world, that's not something that can be accomplished for decades. In the meantime, people still need to get around... and I think it's better for them to be doing so in EVs than in gas-powered vehicles.)