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I was referring to transportation sector, not the energy production. IIRC, 70% of crude oil is used in the residential (truck/car) and commercial sectors. Ther
by xyst 5y ago
I was referring to transportation sector, not the energy production.
IIRC, 70% of crude oil is used in the residential (truck/car) and commercial sectors. There are some other applicable sectors like roads and lubricants but account for a few percentage points.
In the past increases in crude oil would cause increases in sales of high mpg vehicles. I remember when crude was $100 a barrel, the prius was flying off the dealerships.
With newer technologies and alternative fuel sources (electric), we should see similar trends with electric vehicle adoption if the price of crude should continue to climb.