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 percent. But don't be so sure. By 2020, some electric cars and SUVs will be faster, safer, cheaper, and more convenient than their gasoline counterparts. What if people just stop buying oil? In the first episode of our animated series, Sooner Than You Think, Bloomberg's Tom Randall does the math on when oil markets might be headed for the big crash.

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[abx]

the stone age didn't end for lack of stone

[hiremathsandeep]

I am from India and have been using an EV for past 7 years !

the government of India is planning to mass produce EV at a very affordable price ( < $5000) and setup charging infrastructure by 2025. So things could drastically ! #hopefull #greenerEarth

[HRPuffNStuff]

Can we get an update on this video? How are we doing towards your projections?

[juandiegoceleminmojica]

Roughly, this article assumed around 48 million plug-in cars in 2023. Roughly, there will be 35 million of them by the end of this year. So they were off, but not that off: the two million mark of barrels of oil displaced will certainly be met by 2024.
There's been a month now of news regarding China's "low oil demand", which was apparently unexpected by both the IEA and OPEC. I feel we're already seeing what the video profetized.

[richystar]

People said the same of mobile computing.. the expense for wireless connectivity and mobile computing would be only available to the Uber rich.... Now look today...everything is connected.. free WiFi is everywhere and expected to be everywhere. So How did WiFi connectivity become Free?? It turns out if you offer it they will come. To your Mall ..your Coffee shop ..your Restaurant..your Hotel.. your Bank. Free WiFi = more sales. Now you say where are you going to plug in your electric car?? When enough people have electric cars Hotels will offer free charging...then your Coffee shop ..your Restaurant ..your Mall ..your Bank. All of a sudden Gas cars seem inconvenient and costly because you have to find a gas station and pay for it while electric cars can be charged anywhere and everywhere for free. Eventually Gas stations will closed or go out of business. Then one day your granddaughter will say "what's a Gas Station"???

[TheBetterGame]

And then this morning, Tesla moved their estimates forward 2 years. The half million mark they wanted to hit by 2020, is now being targeted for 2018. EVs for the win!

[gregoryschaffer]

This video has proved prescient. If anything, the transition to EVs is faster than here predicted. Let's have an updated version of this, please. Public discourse deserves to understand it—all this will happen faster than most now realize!

[KayBot]

Adoption of EVs would/is occuring more quickly in China and India. The percentage is low because of the population difference.

[beansandcheese]

I'm buying a tesla 3 because of all the fluctuations in gas prices my entire life.

I went from paying $100 a month to $400 plus a month and vice Veres. I cannot deal with that type of uncertainty. I also am a little bothered to see the excess glam buildings they are constructing in Dubai. Makes me feel stupid for giving them my hard earned cash.

[stevenbollinger]

And your video didn't even mention: Global warming. Pollution. Torque. Maintenance and repair costs.

[fernandor]

Seeing this in 2019, one thing I can say for sure, never bet against electronics

[BuellersBack]

Tesla just announced they are ramping up production to 500K cars 2018...not 2020 anymore! GO TESLA!!!

[speculawyer]

Bring it on. I have got an EV and solar power PV such that I have not paid for electricity OR gasoline for over 3 years now. feels good man.

[emperorpicard]

I remember having an argument with my teacher about this. She said that eventually we will run out of oil. I argued that it would never happen because we would simply stop using it way before we run out and most likely before we hit peak oil. She was adamant that I was wrong and told me to be quite. I got detention later that day.

[adirice]

Turned out to be true. we’re near the end of 2020 now... Tesla is on its track to deliver 500, 000 EVs for this year.

[krisa]

dawww those poor oil producers, someone needs to start a charity.

[mythbusterUSA]

Watching this video in 2021 and oil prices are rising crazy

[americandog]

Just like cable tv fossil fuels will become the next scrounge

[NA-vgrn]

There should be an update on this video..

[DelyanSpasov]

Even now the cost of driving 100 km by EV is 10-20% of the cost of driving gasoline car.