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Riding the Energy Transition; Oil Beyond 2040

Reda Cherif, Fuad Hasanov and Aditya Pande

No 17/120, IMF Working Papers from International Monetary Fund

Abstract: Recent technological developments and past technology transitions suggest that the world could be on the verge of a profound shift in transportation technology. The return of the electric car and its adoption, like that of the motor vehicle in place of horses in early 20th century, could cut oil consumption substantially in the coming decades. Our analysis suggests that oil as the main fuel for transportation could have a much shorter life span left than commonly assumed. In the fast adoption scenario, oil prices could converge to the level of coal prices, about $15 per barrel in 2015 prices by the early 2040s. In this possible future, oil could become the new coal.

Pages: 42
Date: 2017-05-22
New Economics Papers: this item is included in nep-ene, nep-reg and nep-tre
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