Summary of Riding the Energy Transition

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The end may be in sight for oil, and the return of the electric car could hasten that demise. Just as oil displaced wood and coal in the 19th and 20th centuries, so could a demand-driven shift toward renewable energy render oil the “new coal.” Economists Reda Cherif, Fuad Hasanov and Aditya Pande cover the burgeoning developments in technology, natural resources and transportation that will determine the world’s energy future. getAbstract recommends this accessible and thought-provoking overview to leaders in industry and government.

In this summary, you will learn

  • Why electric vehicles could hasten the decline of oil as a major energy source,
  • How renewable energy technologies are disrupting the energy marketplace and
  • How the decrease in demand for oil could affect oil exporters.

About the Authors

Reda Cherif, Fuad Hasanov and Aditya Pande are economists at the IMF.



Transportation technology is on the cusp of far-reaching changes. The reappearance of the electric car – popular in the early 20th century but outmaneuvered by the gasoline-powered Model T – is the latest phase in the evolution of energy resources. Widespread use of the electric car could herald a major shift away from oil consumption in the not-too-distant future. As a primary fuel for transportation, oil could find itself relegated to the current status of coal by the 2040s.

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