Electric Cars Could Wreak Havoc on Oil Markets Within a Decade
There are more than one billion cars on the road worldwide today, and only one tenth of one percent of them have a plug. OPEC contends that even in the year 2040, EVs will make up just one...
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The world is running out of oil.At least that was the idea behind the “peak oil” hypothesisthat dominated economic thinking for decades.But it turns out that with fracking,deep-water drilling, and oil sands, there’s a lot more oil in the world than we once thought.The old “peak oil” theory ain’t happening.But what if instead of running out of oil we just stopped buying the stuff?Most oilmen scoff at the idea. There are one billion gas guzzling cars on the road worldwide today,and only one tenth of one percent of them have a plug. OPEC contends that evenin the year 2040, EVs will make up just one percent.But don’t be so sure. Consider the "S Curve.”S Curves are used to describe the spread of new technologies over time, like early refrigeratorsand ...
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The world is running out of oil.At least that was the idea behind the “peak oil” hypothesisthat dominated economic thinking for decades.But it turns out that with fracking,deep-water drilling, and oil sands, there’s a lot more oil in the world than we once thought.The old “peak oil” theory ain’t happening.But what if instead of running out of oil we just stopped buying the stuff?Most oilmen scoff at the idea. There are one billion gas guzzling cars on the road worldwide today,and only one tenth of one percent of them have a plug. OPEC contends that evenin the year 2040, EVs will make up just one percent.But don’t be so sure. Consider the "S Curve.”S Curves are used to describe the spread of new technologies over time, like early refrigeratorsand ...
