How interesting. And it seems it has already begun:

According to forecasts by Commodity Insights, refinery utilization rates will drop from around 84% in 2024 to 81% in 2027 as refiners adjust to a weaker margin environment, accelerating closures through 2029-2030.

Close to 1 million b/d could be shuttered over 2029-2030, according to Commodity Insights forecasts, more than double the 473,000 b/d after the financial crisis (2007-2009) and well above the 656,000 b/d closed due to Covid-19 pressures (2019-2021).

Germany and France, meanwhile, are another million electric cars not favouring the oil companies. Just China and Europe and already that is 15% of world demand for gas cars.

Heavy transport and farming will take longer, but the push for electrification in transport is real.