Oil Refineries Close as Petroleum consumption falls with growing EV sales
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#oil #petroleum #evsales #evnews #japanese
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Japanese Refineries Close As The Country’s Petroleum Consumption Falls
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Refineries all around the world as in gasoline or petrol refineries are closing in particular in certain countries as demand for petrol and gas goes down hello my friends welcome to the channel I’m Sam Evans you’re watching the electric Viking yes this is one of those really nice side benefits of more electric car
Adoption in Europe China in particular these are the places where petrol refineries or gasoline refineries and even diesel refineries as well they are beginning to close now even though electric cars are not immensely well they haven’t been a huge hit in Japan because Japanese automakers have been a
Bit reluctant to embrace EVS even there refineries are closing as the country’s petroleum consumption is going down do the US Energy Information Administration says that in their short-term energy Outlook they forecast the lowest annual petroleum consumption in Japan in 2024 since at least 1980 I mean we’re talking
At least 45 years the lowest in at least 45 years this is in part due to Japan’s aging and declining population but it’s also in part due to more and more young people saying you know what I don’t even need a gasoline an internal combustion
Car I’ll either buy a small EV or I’ll buy an electric bicycle an electric scooter an electric moped Japanese refiner enios permanently closed a 120,000 Barrel perday refinery in Western Japan in mid October of 2023 and another company idam mitsu Coan plans to close a 120,000 BD refinery in March
This year these closures represent 7% of the country’s Refinery capacity it’s forecasted that consumption of petroleum products in Japan will decline by 3% between 2023 and 2024 and Japan’s petroleum consumption will decline at an average 2% per year from then onwards from a peak of 5.7 million Barrels in 1996 largely because
Of economic changes the oil intensity of Japan’s economy measured as barrels of oil consumed per $11,000 of gross domestic product has been consistently declining over the past decade Japan’s population peaked in 2009 and the country has seen some of the slowest economic growth among oecd countries since then in
Addition the share of Japan’s population aged 65 and older was 30 % as of 2022 compared with 21% in the EU 177% in the United States and 14% in China Japan’s refineries were built to serve its domestic fuel needs and they have trouble competing in international markets these refineries are smaller and
Less complex than newer refineries in Asia including China South Korea and India now many experts are saying we’ve already hit peak oil it’s come and gone and now consumption for oil will continue to decline over the next decade to the point where it will come well actually kind of expensive because many
Oil refineries will go out of business meaning they can’t uh afford to supply the market because the demand isn’t high enough and that will actually increase the price to fuel your car so far this year that hasn’t happened the price of oil has actually gone down but experts
Are still still saying it’s only a matter of time before the cost to fuel your car will rise and the cost to charge your electric car will continue to fall as Energy prices decline because of a massive increase in renewable energy in nearly every Market worldwide where we’ve seen a huge increase in
Renewable energy deployment we’ve seen at the same time Energy prices come down this is a virtuous cycle the more people that deploy solar on their roofs that build battery packs in their cities the more prices of those products come down because they become Mass manufactured over the past 12 months solar panel
Prices have come down 42% battery prices have come down by nearly 40% and the biggest battery companies in the world saying are saying that they will reduce battery prices by 50% over the next 12 months meaning Electric City prices for more consumption of EVS which come down
In price increase uh purchasing of new internal combustion engine Vehicles decreases and demand for oil continues to go down anyway I thought this was some good news you guys might want to hear about let me know your thoughts are do you agree with me do you disagree let
Me know in the comments and thanks for watching bye-bye
20 Comments
Can't happen fast enough for me. Good riddance.
The oil companies will not let their profits fall off too much. They'll cut production to meet demand and to keep the price up. I'll bet we'll start seeing gas prices going back up.
How about some actual statistics from the U.S. Energy Information Administration – http://www.eia.gov/outlooks – Coal is forecast to drop nearly 20% for coal fired power plants in just 2 years and solar and wind to increase fro 4% to 7% of total output over the same period. Will coal be dead in a decade? Very very likely. China will possibly take longer and I suspect Australia might be first if they make a more concerted effort to eliminate coal.
Actually want me to believe they are closing, with likelihood of a war impending? Six new wells being drilled on my property.
It's all about a cleaner planet for the next generation. Good video
This is flawed analysis, electricity prices are still at an all time high and home charging is only an option for the minority and a very expensive one when the cost of solar panels are included. Most experts believe electric cars will not exceed 30% of the overall market in the future and internal combustion engine cars will continue in the majority in most countries. The demand for oil will continue and increase due to aviation and freight haulage and those people who will never switch to electric powered cars. The plastics industry is a huge user of oil as is the cement, fertiliser and steel manufacturing industries.
Dubai will soon return to a third world country without selling oil.
Any update on the Eu requirements for all EVs from 2027 to need a battery passport to enter EU with all the batteries manufacturing details and depredation ?
Electricity prices for consumers will not go down . Utilities may benefit but they are not going to pass that on to consumers . Electrical prices go up every year . Transmitting electrical does not go down in price . Now home solar can reduce cost of electricity but it takes a decade to break even and start going down .
In the US there has been not enough refiners and no new facility not built in a long time . Mr wonderful talked about investing and building new refineries in the US but I don't think that would be a good investment so it probably won't happen .
I think in general gasoline prices will stay at present levels or go lower for sometime in the US . EV adoption has reached a temporary peak until the technology makes another leap
i'm doing my part. I rent EVs from hertz now. I try to take uber comfort electric as often as possible. Street cars and subways too. I'm done with oil.
Saying petroleum refineries closing is linked directly to EV uptake is a huge stretch. Look again, it is driven by other things, and you’ve touched on them in the video
Put a lot of those anchored balloon wind generators and a bunch solar panels where the refinery was.
Not good news if you work in an oil refinery.
No petroleum= no economy.
According to the US govt's Energy Information Admin, US electricity in 2022 came from:
Natural gas = 39.8%
Renewables = 21.5%
Coal = 19.5%
Nukes = 18.2%
Petroleum = 0.9%
How are EVs dramatically causing a fall in this 0.9% figure?
I've been waiting for this news since this is the indicator that truly shows that demand for petroleum is really going down. Where I live gasoline went from $2.80 a gallon to $2.90 this week. For me this is an indicator that the price of gasoline is not related to demand. California has a huge number of EVs at this point and its gasoline is the most expensive in the U.S. However, the oil companies are going to suffer because the margin that they collect for each gallon will be less because they sell fewer gallons. The less money they have the less political influence they have. This is very good news, because most of the anti-renewable energy political lobbying in the U.S. is funded by big oil. If they don't have the money to block progress in renewables and EVs the more renewables and EVs will find their way into the market. Big oil has been pushing its politicians that they have in their pockets to make it illegal to offer securities products in ESG alone. ESG being things related to renewables, reducing greenhouse gasses, EVs, etc. etc. That level of curtailing freedom in the US is unheard of. We forget how big big oil is. The profits of just one big oil company was bigger than the economic input of all of Silicon Valley, only the money is hoarded in just a few hands, is largely collected tax free so it doesn't contribute to sustaining our democratic government or our military and isn't used to help our societal needs in any real way.
That odd, Japan is the country trying to keep the ICE engine alive and make even more of them. I don't think there will be a slowdown in oil worldwide because we are not getting rid of cars that use fuel. ICE cars are still selling well and even when EVs are purchased the used ICE car it replaces it passed on to another driver. Cars are also lasting longer than ever. It's going to be a long time before we really see demand for fuel decrease. In some geographic areas maybe but not world wide.
going to pop your bubble – Refineries may be slowing due to reduced demand thats part of the business cycle, but shut down does not mean much sometimes they are shut down because the cost to meet new environmental requirements is just to high, in these cases the whole plant is shut down, the plans and equipment is sold of to India or china disassembled and moved there getting around regulations. they are rarely destroyed or truly stopped we use oil in every thing ev are not likely to stop much to be honest with all their bad press i expect their sales will crash and they are done in many parts of the nation every week there is another reason not to buy one be it high cost, massive depreciation, fires with high heat and toxic gas, weight issue in accidents, high repair and insurance and this week it came out every 25000 they need new tires better off with propane to save the environment can be added to existing cars for 2000$ far cheaper than electric and no long recharging time
Whatever. Click bait.
As you know Japan is on the edge of a demographic cliff, which is naturally going to result in reduced demand for most locally produced products. Overall world production of oil is still rising, 2023 looks like another record year, at around 102 billion barrels, up from 100 billion in 2022. 2024 is predicted to break 105 billion barrels. You'll note increasing EV numbers do not offset oil consumption, just Coal and Gas as the primary electricity fuel in most Countries. Renewable Generation growth at present isn't fast enough to reduce fossil fuel production. It's adding to the Worlds growing energy consumption, but not fast enough to reduce fossil fuel consumption. Unless Countries have a subsidised buy and crush scheme, the ICE vehicles traded on EV's are resold and continued to be used. So their oil consumption is not removed from the market. Art Berman has many videos on Youtube where he breaks down World oil use.