Well, we better be, because if the demand for oil isn’t high enough to keep the oil infrastructure up and running, the flip will be sudden, swift and without pardon. Norway is already at 90+% of new cars EV. How long will the gas stations be able to survive? On the day the last one dies, I want to be driving an electric car.
12mn new EVs? With 92mn cars sold world wide each year, that is a huge number for the oil companies to swallow. It will bring oil prices down, tanking production outside OPEC due to costs of production. That will be a hard economic blow against the oil producing nations.
While they are at it, they are clearing a geoplitical energy dependance on foreign nations. Brilliant move. EU tries to follow with fit for 55, but will it be enough? Being oil dependent, either as buyer or seller, will end up sitting with the short straw unless acted upon now.
How interesting. And it seems it has already begun:
Germany and France, meanwhile, are another million electric cars not favouring the oil companies. Just China and Europe and already that is 15% of world demand for gas cars.
Heavy transport and farming will take longer, but the push for electrification in transport is real.