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" ... Even in the developed nations, the irreplaceability of oil is demonstrated by the fact that demand will remain "buoyantly very high," no matter what policies get passed. There is no significant substitute for oil: 92 million oil-based cars will be bought this year. If the global electric vehicle fleet every surges incredibly from less than 1 million today to 150 million, it would displace just 1.3 million b/d of oil. Not very much. ... "