EV Revolution Could Wipe Out $21 Trillion in Oil Revenue

Hardly a day goes by without a research company releasing yet another report forecasting the future of electric vehicles and all related industries, oil included.  Some of these are skeptical, but most predict a bright future for electric cars.  The latest is no exception: a UK-based company, Aurora Energy Research, has projected that the adoption of electric cars could wipe out as much as US$21 trillion in revenues for the oil, gas, and coal industry by 2040.

In oil, Aurora Energy Research predicts that revenues could fall from US$1.5 trillion in 2016 to US$1.1 trillion in 2040 on the back of fast EV adoption combined with major improvements in energy efficiencies.  Meanwhile, oil prices could plummet to as little as US$32 a barrel.

This is what could happen under a “Burnout” scenario developed by the research firm that envisages fast growth in EV adoption and equally fast growth in electricity demand on the back of digital tech use driven by the expansion of the Internet of Things.

Read more at EV Revolution Could Wipe Out $21 Trillion in Oil Revenue