Petroleum on the decline
Oil Losing Grip On Transport Industry Market, Report Claims
Reuters | Posted: 10/07/2012 7:01 pm EDT
By Andrew Callus
LONDON, Oct 8 (Reuters) -- The transport industry that burns over half the world's oil is wriggling free from dependence on gasoline and diesel at a rate that should alarm producers, an independent research report said on Monday.
"The oil industry can no longer rely on its monopoly of the transport market," said the Chatham House study in its principle finding.
Researchers cited the doubling of oil prices in real terms since 2005 and the engine efficiency gains, alternative fuel developments and other shifts in transport use that have resulted.
A second factor, and one that is having an ever greater effect, is a hardening determination among governments to push through tougher climate change legislation as the limited impact of efforts so far shows through, the report said.
"Today's vehicle, ship and aircraft industries have grown up as siblings of petroleum," says the report.
"Now they are turning their technology and business models towards avoiding its use."
Reuters | Posted: 10/07/2012 7:01 pm EDT
By Andrew Callus
LONDON, Oct 8 (Reuters) -- The transport industry that burns over half the world's oil is wriggling free from dependence on gasoline and diesel at a rate that should alarm producers, an independent research report said on Monday.
"The oil industry can no longer rely on its monopoly of the transport market," said the Chatham House study in its principle finding.
Researchers cited the doubling of oil prices in real terms since 2005 and the engine efficiency gains, alternative fuel developments and other shifts in transport use that have resulted.
A second factor, and one that is having an ever greater effect, is a hardening determination among governments to push through tougher climate change legislation as the limited impact of efforts so far shows through, the report said.
"Today's vehicle, ship and aircraft industries have grown up as siblings of petroleum," says the report.
"Now they are turning their technology and business models towards avoiding its use."
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