NewEnergyNews: Oil Companies Uneasy As EVs Rise

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    Thursday, February 16, 2017

    Oil Companies Uneasy As EVs Rise

    Electric Car Frenzy Putting Oil Companies On Edge

    James Burgess, February 15, 2017 (Oil Price via Yahoo Finance)

    "The massive wealth of the 20th century was all about the oil boom, but the 21st century is going to be about lithium as electric vehicles move in to replace traditional vehicles…The global economic implications are vast and far-reaching…[For investors, the] implications are potentially very lucrative…[ Bloomberg predicts EVs could take hundreds of billions of dollars in fossil fuel producers’ value] in the next decade…We may have already seen U.S. gasoline demand peak, and future demand may be in a state of permanent decline, in large part because electric vehicles are becoming cheaper and hitting the mainstream…[Electric vehicles could replace] 2 million barrels per day of oil demand by 2025…[The oil supermajors have seen this energy revolution coming and auto] giants are now convinced that EVs—despite the long road to the finish line—will overtake the internal combustion engine sooner than you might think…” click here for more

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