Posted on 10/13/2017 3:30:37 PM PDT by bananaman22
The adoption of electric vehicles (EVs) could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10, Chris Watling, CEO & chief market strategist at Longview Economics, told CNBC on Friday.
Watling said he didn’t see oil crashing “in the next few weeks or months, or maybe even quarters, but I think the long-term outlook for oil—because of what’s happening in terms of electric vehicles” with 70 percent of oil used for transportation, is oil plummeting to $10 somewhere around 2023-2025.
“We used to talk about peak oil in terms of supply, we now need to talk about peak oil in terms of demand,” Watling added. China is on an aggressive push to EVs adoption, and the analyst thinks that “often new economies, emerging economies, adopt new technologies first, because they don’t have the old infrastructure that they have to keep servicing.”
(Excerpt) Read more at oilprice.com ...
I can adopt one instead of buying it? Hope I don’t have to pay for it going to college though.
Expect electricity to sky-rocket then.
It’s bad enough remembering to charge a CELL PHONE, no loss a CAR.
EVs powered by.... the power plant?
Yeah, after the taxpayers pay for all those EV subsidies all that’ll be left is $10!
Yeah! Right! Coz everybody knows ALL ELECTRICITY IS FREE!!!
Why yes indeed. A Solyndra power plant. Nobody thought it’d be that smelly coal stuff, did they?
Wait until they find out EV cars harm the environment more than gasoline fueled vehicles. Besides, at some point, people will want to drive more than 100 miles without waiting 8 hours for a fill up.
The oil will go to power plants to charge the EVs.
LOL. How do we run our generators?
Can the power grid handle everyone plugging their cars into it. No!
Until they start making more than software-limited golfcarts for the mass market (and make something more American-sized in mind), I’ll stick with conventional >= 6cyl cars.
Not only do they offend the environmentalist left, they’re also pleasing to drive.
And if we’re smart, the nuclear power plant.
Pixy dust, of course.
Oh no, nuclear is bad. /sarc
EV are the elites plan to control us. These things can go, maybe 200 miles per charge. If you want visit your daughter who lives 550 miles away, you will be forced to take mass transit of some form.
Amazing stupidity in going to EVs. Compressed Natural Gas is cheaper, cleaner, and has decades of use to prove its viability. Plus its cheaper than gasoline.
Agreed. In addition to being more consistent and fuel efficient vs solar/wind/water, the risks are lowering with modern designs.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.