Petrol was meant to be Exhibit A of the energy transition. And it is – but not how the green intelligentsia ever anticipated. Rather than becoming the fuel to display the earliest and most pronounced peak in demand as the world embraced electric vehicles, petrol is instead signalling the endurance of fossil-fuel consumption.

The stronger-than-expected demand comes even before significant pro-petrol regulatory changes announced in both the United States and Europe in recent days take effect. In Washington, US President Donald Trump has rolled back the fuel-economy targets set by his predecessor Joe Biden. Instead of achieving 50.4 miles per gallon (81 kilometres per 3.8 litres) by 2031, US cars will only need to meet 34.5 miles per gallon. Earlier, Trump hit the EV sector by removing federal subsidies.

Over the past 15 years, there has been an increase in the dominance of large Australian firms in their respective markets.Credit: James Davies

European Commission president Ursula von der Leyen, meanwhile, this week bowed to intense pressure from Germany and Italy to........

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