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PREHEADING
H1 - Sentence Case
Since 2009, the U.S. ground transportation sector—the country’s largest single consumer of oil and source of greenhouse gas (GHG) emissions—has seen steady and significant improvements in fuel economy across all vehicle classes (6). Despite real progress in reducing transportation’s oil intensity, the sector remains almost entirely dependent on this volatile energy source.
While the economic and national security benefits of electrificationelectrification's economic and national security benefits have been evident for decades, technological limitations have restricted profitable EV production to niche applications, creating a seemingly insurmountable obstacle on the road to complete electrification. Although the road ahead has its challenges, market trends, geopolitical competition, the impressive rate of EV technology’s advancement, and the global need for rapid decarbonization all signal clearly that the future of transportation is electric. The question is no longer whether electricity will replace oil as the dominant fuel for transportation, but when.
H2-Sub-Sections Only - Sentence Case
Oil has been the lifeblood of the American economy for more than a century. Despite decades of concerted efforts to reduce our dependence on it, each day in 2024, more than 20 million barrels of petroleum were consumed in the United States to power industry and propel cars (11). Just as the body depends on a healthy circulation of blood to function properly, an American economy powered by the combustion engine depends on a consistent flow of oil (12). When that flow is interrupted, the consequences are immediate and severe—as evidenced by the fact that notoriously unpredictable economic recessions remain almost perfectly synchronized with one indicator: proximity to an oil price shock (13). Of America’s 12 recessions since World War II, ten have been preceded or accompanied by a sharp spike in oil prices.
H3 ALL CAPS
Many of the most extreme oil price spikes in the past 50 years were direct results of market manipulation by the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ (the name given to the group of ten oil-producing countries that aren’t official OPEC members but signed an agreement with OPEC in 2016). Current OPEC member countries include Algeria, Equatorial Guinea, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the Republic of the Congo, Saudi Arabia, the United Arab Emirates, (UAE), and Venezuela, the Republic of the Congo, and the United Arab Emirates. OPEC+ is comprised of Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. OPEC and OPEC+ (hereafter referred to as OPEC) control approximately 80 percent of the world’s proven oil reserves but produce just 40 percent of the world’s oil, acting as a global cartel by manipulating supply to inflate or deflate prices as fits their economic and geopolitical interests.14
H4 Sentence Case
To provide a robust analysis of the current state of—and future opportunities in—all portions of the EV market.
To identify existing and emerging challenges that could impede the transition.
To share a strategy to overcome the identified challenges and accelerate transportation electrification in the United States through policy and implementation recommendations.
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H5 ALL CAPS - Only for certain call-out boxes
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