(Bloomberg) -- A slump in the price of natural gas and the prospect of a glut in the years ahead is spurring sales of trucks and ships powered by the fuel...
-- A slump in the price of natural gas and the prospect of a glut in the years ahead is spurring sales of trucks and ships powered by the fuel, hastening a long-term shift away from oil in the top importer.Here’s Everything Apple Plans to Show at Its AI-Focused WWDC EventOne in three new heavy-duty trucks sold in China in April was powered by the super-chilled fuel that’s more commonly used as a feedstock for electricity generation. That’s up from just one in eight a year earlier.
EVs and LNG-powered trucks will replace about 10% to 12% of China’s diesel and gasoline consumption this year, China National Petroleum Corp.’s Economics & Technology Research Institute forecast in March, saying that oil demand there had entered a low-growth phase.The Chinese figures on the adoption LNG trucks — from domestic information provider cvworld.com — look like the beginning of a long-term trend.
LNG has a “natural arbitrage against other liquid fuels,” which helps to account for the brisk uptake of LNG-fueled vehicles, said Yiyong He, the founder of LNG Easy Pte., a Singapore-based company that supplies the fuel to downstream customers in developing countries. While the favorable economics of switching to gas look like they’re here to stay, there’s plenty of factors that could derail the trend, at least temporarily.
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