… By 2030, the report predicts that oil demand will drop to 70 million barrels per day. The resulting collapse in prices will be catastrophic for the industry, and these effects are likely to be felt as early as 2021.
The report suggests that oil demand from passenger road transport will drop by 90 percent by 2030; demand from the trucking industry will drop by 7 million barrels per day globally. This is, as the report says, an existential crisis for the industry. Current share prices and projections are based on the presumption of a system of individually owned vehicles.
See the news report for an overview, and the detailed report written by James Arbib and Tony Seba of RethinkX.
As far as I’m concerned, it couldn’t happen to a “nicer” bunch of people, this economic catastrophe. And it can’t happen soon enough!
Elsewhere, Why fossil fuel giants underestimate electric cards and renewable energy?
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