Published On: Thu, Feb 25th, 2016

Another Oil Crash Is Coming, and There May Be No Recovery

Superior electric cars are on their way, and they could begin to wreck oil markets within a decade.

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It’s time for oil investors to start taking electric cars seriously.

In the next two years, Tesla and Chevy plan to start selling electric cars with a range of more than 200 miles priced in the $30, 000 range. Ford is investing billions, Volkswagen is investing billions, and Nissan and BMW are investing billions. Nearly every major carmaker—as well as Apple and Google—is working on the next generation of plug-in cars.

This is a problem for oil markets. OPEC still contends that electric vehicles will make up just 1 percent of global car sales in 2040. Exxon’s forecast is similarly dismissive.

Read the full story at Bloomberg, by Tom Randall

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