Big Oil Faces Up To Cars With Plugs

The Electric-Car Boom Is So Real Even Oil Companies Say It’s Coming

Tom Randall, April 25, 2017 (Bloomberg News)

“Electric cars are coming fast -- and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade…The surge in battery powered vehicles will cause demand for oil-based fuels to peak in the 2030s…[when] EVs will make up 15 percent to 30 percent of new vehicles…Other oil companies have been trimming their long-term forecasts for oil demand…[Royal Dutch Shell Plc recently reported] that oil demand may peak in the late 2020s…[and] set up a business unit to identify the clean technologies where it could be most profitable…Electric cars are beginning to compete with gasoline models on both price and performance…[B]attery prices are dropping by about 20 percent a year, and automakers have been spending billions to electrify their fleets…” click here for more

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