By Seng Li Peng and Florence Tan SINGAPORE/KUALA LUMPUR (Reuters) - Demand for gasoline in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned. They said refiners should prepare for a future in which gasoline, their biggest source of revenue, will be much less of a cash cow. Change is being prompted by policy moves in India and China, where governments are trying to rein in rampant pollution, cut oil imports, and compete for a slice of the fast-growing green car market. In its "road map", released in April, China said it wants alternative fuel vehicles to account for at least one-fifth of the 35 million annual vehicle sales projected by 2025. India is considering even more radical action, with an influential government think-tank drafting plans in support of electrifying all vehicles in the country by 2032, according to government and industry sources interviewed by Reuters late last week. "We will see a clear shift to electric cars. It's driven by legislation so electric cars are coming, it's not a niche anymore," Wilco Stark, vice president for strategy and product planning at German car maker Daimler , told Reuters. Stark and other executives were interviewed during the Asia Oil & Gas Conference in Kuala Lumpur this week. Daimler sees electric vehicles contributing 15-20 percent of its overall sales by 2025 and at least an additional 10 percent of sales coming from hybrids, he said. Electric cars currently make up less than 2 percent of the global car fleet, and any faster-than-expected growth in that percentage will materially impact oil demand and the refining business. "Technology is moving fast. In 10-15 years... our gasoline market might not be the same as it is today," said Dawood Nassif, board director at the state-owned oil company Bahrain Petroleum Company (BAPCO). With gasoline responsible for up to 45 percent of refinery output, and one of the highest profit-margin fuels, a slowdown or fall in demand will have far reaching implications. Credit agency Moody's says that the fast pace of technological development makes accurate predictions difficult, but warned that direct financial effects from falling oil demand, including gasoline, "could be material by the 2020s." The changes are so big that the influential International Energy Agency (IEA) plans to revisit its analysis of electric vehicle trends and oil demand. "The choices made by China and India are obviously most relevant for the possible future peak in passenger car oil demand," an IEA spokesman told Reuters. In its current policies scenario, last updated in November 2016, the IEA still expects oil demand from vehicle use to rise until 2040. It's not just China and India that are changing fast. Asia's major car makers, Japan and South Korea, already sell significant volumes of hybrid vehicles - which operate off gasoline and electricity - while fuel efficiency gains will continue to cut gasoline consumption for standard vehicles. There will, though, be some major hurdles before a country like India goes mostly electric. High battery costs would push up car prices and a lack of charging stations and other infrastructure in India means car makers may hesitate to make the necessary investment in the technology. NEED TO ADAPT Asia has long been the main driver of future oil demand thanks to supercharged growth in sales of autos. China sells more than 2 million new cars a month and is challenging the United States as the world's biggest oil consumer. India now is the world's third-biggest oil importer, ahead of Japan. More than a third of the world's refineries are in Asia, up from just 18 percent in 1990. For refiners, the growth of vehicles that run on electricity and other alternative fuels is a wake-up call. They can tweak the products they make from crude oil to an extent, but still mostly rely on gasoline consumption for revenue. "Rising pressure on margins and cash flows will potentially lead to stranded assets," Moody's warned, using a term for assets that no longer provide an economic return because of changes in the market or regulatory environment. The oil industry is taking note. Royal Dutch Shell said this week that it "is looking into ... the potential to introduce electric vehicle charging points at our retail sites in several countries." Oil executives say it is still premature to expect overall oil demand to fall soon. "Our industry will not disappear," said Abdulaziz al Judaimi, senior vice president for downstream at Saudi Aramco, the world's biggest oil export company. They are envisaging a shift towards producing more petrochemicals like plastics or household chemicals, areas where consumption is soaring. Saudi Aramco is jointly developing the huge Malaysian RAPID refinery and petrochemical complex with state-owned Petronas, and the two said this week they are exploring an expansion of its petrochemical capacity. Exxon Mobil this week said it would buy a petrochemical plant in Singapore. Refiners also still see strong oil demand from heavy industry. "Refiners may shift their focus from gasoline to middle distillates," said KY Lin of Taiwan's Formosa Petrochemical <6505.TW>, a major Asian refiner. "Gasoil is used widely, including in farming/industrial equipment... and also as a marine fuel." Interactive: Breaking down a barrel of oil - http://tmsnrt.rs/1V5H6pl (Reporting by Seng Li Peng in SINGAPORE, Florence Tan in KUALA LUMPUR and Jane Chung in SEOUL; Writing by Henning Gloystein; Editing by Richard Pullin and Martin Howell)
Police rushed to the scene of the reported shooting at an industrial park in Bryan, Texas, on Thursday afternoon.
- Architectural Digest
While locations of the kitchen and bathrooms are set, clients can customize the layouts to fit their needs, including open or traditional floor plans, and add amenities such as balconies, gardens, and parking. Architect Jeffrey Sommers of Square Root designed the semi-customizable C3 Pre-fab—the first LEED Platinum–certified home in Chicago—using corrugated Galvalume, reclaimed wood, and fiber cement. Modular construction allowed the firm to build on a narrow site that would have not have allowed traditional building methods.
- Miami Herald
There’s no greater need for the Dolphins on defense in this draft than finding another edge rusher, a position where Miami is lacking after the offseason jettisoning of Kyle Van Noy (released) and Shaq Lawson (traded to Houston for linebacker Benardrick McKinney).
- Raleigh News and Observer
Perhaps no one in NASCAR is more polarizing than Noah Gragson, who threw punches on pit road during his last race at Atlanta. But JR Motorsports co-owner Kelley Earnhardt Miller knows another side of Noah — and racing.
'You Can't Escape the Gravitational Pull of Jeff Bezos.' How Amazon Won the Preliminary Union Vote in Alabama
The Amazon fulfillment warehouse at the center of a unionization drive is seen on March 29, 2021 in Bessemer, Alabama. After months of campaigning, weeks of voting, and hours of counting thousands of green ballots by hand, the National Labor Relations Board (NLRB) delivered Amazon an apparent win on Friday afternoon against the most significant labor union drive the retail giant has faced in its 26-year-history. In the Bessemer, Alabama warehouse, 1,798 employees voted to oppose unionization through the Retail, Wholesale and Department Store Union (RWDSU), and just 738 voted in favor of it.
- Architectural Digest
Supremely versatile, loveseats work as standalone pieces in studio apartments and as part of a seating arrangement in sprawling living rooms Originally Appeared on Architectural Digest
- Idaho Statesman
The company’s online ordering system said the product was “out of stock.”
- USA TODAY
Inspired by hawker-style food courts of Asia, the hall at Resorts World Las Vegas will have dishes at 16 stalls from top chefs and restaurateurs.
- USA TODAY
In 2019, a massive swarm of grasshoppers tried their luck in Las Vegas. But light pollution was only one cause for this massive influx of insects.
- Associated Press
Miles Bridges scored 26 points to lead the Charlotte Hornets to a 127-119 victory over the Milwaukee Bucks, who were playing Friday night without all five of their usual starters. The Hornets (27-24) are three games above .500 for the first time since January 2017. “I'm proud of our guys, that they've put us in this position to be where we're at," Hornets coach James Borrego said.
- LA Times
The Clippers snap the Phoenix Suns' seven-game winning streak with a 113-103 win on Thursday at Staples Center.
The simmering conflict in Eastern Ukraine has threatened to boil over the past few days, with Russia massing troops near the border and pro-Kremlin media raising the specter of war.Why it matters: U.S. European Command went into high alert in light of the Russian movements, which some experts speculated could presage an active Russian military intervention in the Donbas region of Eastern Ukraine, where Ukraine has been fighting pro-Russian separatists for seven years. Get market news worthy of your time with Axios Markets. Subscribe for free.The backstory: Kremlin hopes that Ukrainian President Volodomyr Zelensky would cut a peace deal on Russia's terms have faded, leaving a diplomatic deadlock.Direct intervention in the Donbas could give Putin leverage, bolster his standing ahead of parliamentary elections this year, and potentially help secure a much-needed water source for occupied Crimea. But the costs of such a war likely exceed any benefits for Moscow, removing all plausible deniability from Russia's war in Ukraine and risking a strong Western response.The other side: Zelensky tweeted Thursday that he was heading to the Donbas because a Ukrainian soldier had been killed overnight and he wanted "to be with our soldiers in the tough times."The crisis has sparked a burst of patriot fervor and a strong show of support from Washington, both of which have strengthened the embattled Ukrainian president, notes Dmitri Trenin of Carnegie Moscow.President Biden and virtually his entire top team called their Ukrainian counterparts over the past week, and NATO Secretary-General Jens Stoltenberg called Zelensky on Tuesday.While Kiev was dismayed when the French and German leaders met with Putin (and not Zelensky) during the crisis, German Chancellor Angela Merkel Thursday "demanded" in a call with Putin that "this build-up be unwound in order to de-escalate the situation," her office said.What to watch: Russian officials and pundits have been warning that Russia's hand might be forced if separatists in Donbas are slaughtered by Ukrainian troops. There's no clear factual basis for such fears, but they could provide a pretext for intervention.The bottom line: The flare-up is a reminder that the war in Ukraine is far from over and could deepen dramatically, now or some day down the line.More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free
'Justice League' writer Joss Whedon is facing a slew of allegations from A-list actors. Here's a timeline of the controversy.
The creator of "Buffy the Vampire Slayer" and director of "The Avengers" has been accused by actors of inappropriate behavior on set.
- Reuters Videos
Northern Ireland's power-sharing government put aside factional differences and appealed for calm on Thursday (April 8) after nightly outbreaks of street violence escalated.The violence comes amid growing frustration among many pro-British unionists at new post-Brexit trade barriers between Northern Ireland and the rest of the United Kingdom.Crowds of youths in a pro-British area of Belfast set a hijacked bus on fire and attacked police with stones Wednesday evening.This is pro-British First Minister Arlene Foster, speaking at the regional assembly, Stormont: "Political problems require political solutions, never street violence."Irish nationalist party Sinn Fein's leader Michelle O'Neill also called on leaders to "stand united" against acts of violence. "It's unacceptable and it is a miracle that, as we stand here today, that no one has been killed."While lawmakers from all sides condemned the violence, the two main rivals that lead its compulsory power-sharing coalition blamed each other.Sinn Fein have accused the pro-British Democratic Unionist Party - or DUP - of stoking tensions with their staunch opposition to the new trading barriers. The DUP in turn has pointed to a decision by police not to prosecute Sinn Fein for a large funeral last year that broke COVID-19 regulations.Parts of the region remain deeply split along sectarian lines, 23 years after a peace deal largely ended three decades of bloodshed. Many Catholic nationalists aspire to unification with Ireland, while Protestant unionists want to stay in the UK.
- Business Insider
Video shows sailors fighting off a pod of killer whales with poles and flares after they break boat's rudder
Crew members of the Serena IV in the Strait of Gibraltar were shocked after a pod of killer whales broke their vessel's rudder.
- Business Insider
Former Rep. Katie Hill says it's 'gross' to think that Matt Gaetz defended her to possibly cover up for 'his own indiscretions'
"Clearly I have a history of trusting men that I shouldn't," Hill, who is a victim of revenge porn, said during an interview with CNN.
- Associated Press
Aaron Judge's health is again a concern for the New York Yankees. The star slugger has missed two games with soreness in his left side, and manager Aaron Boone wasn't sure if Judge would be able to play Saturday against the Tampa Bay Rays. The 2017 AL Rookie of the Year was off to a hot start, and New York is hoping that won't be interrupted by a trip to the injured list.
- Raleigh News and Observer
Alex Nedeljkovic was the Canes’ starting goalie after Petr Mrazek returned from injury to make consecutive starts.
- Business Insider
Video shows Virginia cops holding a Black Army officer in uniform at gunpoint and pepper-spraying him during a traffic stop
Caron Nazario, a Black Army lieutenant in the Medical Corp, is suing Virginia police officers for assaulting him in December.
Lil Mama is still speaking on the time she joined Jay-Z and Alicia Keys on stage. The “Lip Gloss” rapper took to Instagram to respond to a fan who made a comment about the time she ran on stage and interrupted Jay-Z and Alicia Keys’ “Empire State of Mind” performance at the VMA awards in 2009. “I thought they canceled you back when you jumped up on stage with Alicia and Jay Z?” a fan asked Lil Mama in regards to the viral moment.