Electric Vehicles to decimate crude oil market?

Electric Vehicles: Revolution to Disrupt Crude Oil Market

Technical analysis and trend analysis reveals that Crude oil appears to have peaked forever; it is unlikely that we will see prices of $140 a barrel for a long time, if ever.  The chart below also seems to somewhat cement this view illustrating that by 2023, the electric vehicle market could displace another 2 million barrels of oil daily.

The inflexion point was hit in 2013 when 143 gigawatts of renewable energy were added versus 141 gigawatts from traditional power plants that burn fossil fuels.  Solar energy costs are usually on par, if not cheaper, than grid electricity.  This is perhaps why the Saudis are panicking and want to destroy competition to push prices back up and try to lock in as much money as possible before they are knocked out of the game.  They are even planning on selling shares in Aramco.

Must read: Peak oil theory debunked: Just another price gouging Scam

“If you look at reports like what OPEC puts out, what Exxon puts out, they put adoption at like 2 per cent,” said Salim Morsy, BNEF analyst.“Whether the end number by 2040 is 25 or 50 per cent doesn’t matter as much as making the binary call that there will be mass adoption of Electric Vehicles

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