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As more and more consumers become aware of the greater gas efficiency of diesel, interest in and demand for the fuel has surged as of late. In fact, ExxonMobil expects diesel to jump gasoline as the number one choice for transportation fuel by 2020.
The company predicts light duty vehicles will continue to see much better fuel economy by 2040 (new cars will average around 47 miles per gallon, compared to about 27 mpg today) while growth in commerical transportation activity surges.
In North America that translates to demand for gasoline dropping by one-third by 2040 while demand for diesel increases by more than 65 perent.
In all, diesel will represent 70 percent of all transportation fuel demand worldwide through 2040.
ExxonMobil sees energy-efficient vehicles options becoming more and more available. The company forecasts gas and diesel-powered vehicles will drop to under 50 percent of all vehicles available by 2040.
The company expects hybrid vehicles will become much more affordable by 2025 followed by a quick expansion of sales. ExxonMobil sees hybrids making up 40 percent of the fleet in 2040 and more than 50 percent of new car sales. The outlook sees electric and plug-in hybrids accounting for 10 percent of sales.