All fossil-fuel vehicles will vanish in 8 years in twin ‘death spiral’ for big oil and big autos, says study that’s shocking the industries – Financial Post
Article Synopsis – According to a report by a Stanford University economist, no more petrol or diesel cars, buses, or trucks will be sold anywhere in the world within eight years. The entire market for land transport will switch to electrification, leading to a collapse of oil prices and the demise of the petroleum industry as we have known it for a century. He believes people will stop driving and switch to self-drive electric vehicles (EVs) that are ten times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles. This shift is being driven by technology, not climate policies. Market forces are bringing it about with a speed and ferocity that governments could never hope to achieve. The implications will be far-reaching. Whole countries will spin into crisis. The world’s geopolitical order will be reshaped almost overnight. But humanity as a whole should enjoy an enormous welfare gain. To read the actual article click here.