As the IMO 2020 deadline approaches for ships to use fuels with lower sulfur concentrations, the market for heavy oil is taking a hit.
The shipping industry accounts for five million barrels per day of demand. Implications of both fuel specification changes coming in 2020 and the emissions target for 2050 could be enormous for refiners and the entire oil industry.
Although new regulations will improve efficiency and curb pollutants, the electrification of the vessels on the water and the growth of autonomy in shipping, similar to changes in the auto industry, can bring about widespread benefits.
New research finds that delivery of goods from online shopping does not cause Americans to drive less, but instead adds to the burden on roads.