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The electric car can be very clean or not, ecologically speaking. It all depends on the source of the energy that propels it. At the moment Oil is still the world’s largest source of energy, but from here until the electric car is fully implemented, a new oil crisis could emerge.
The energy market needs stability, like almost all markets. For this reason, he is allergic to fluctuations in the price of oil, especially sharp price drops.
At the moment we live in a phase ofcheap oilcaused by the drop in demand due to the crisis and the rise in production for economic and political reasons.
The cost depends on supply and demand, therefore the electric car has the potential to cause an entire oil crisis of unknown dimensions. Everything will depend on the speed at which it is implemented worldwide and on the evolution of the fossil fuel market until then.
According to Bloomberg, by 2040, 40% of vehicles will run on electricity. This figure varies depending on the source, but everyone agrees that from 2020 the market share of the electric car will rise without stopping. The economy of scale and the proliferation of charging stations will make their acquisition cheaper and more convenient.
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At the moment is Teslawho comfortably leads the production of this type of car, but others also want their share of the pie. Chevrolet and Nissan want to start mass-producing them and selling them for around $30,000 in the next few years.
Competition will make them even cheaper, so in the long run Bloomberg’s estimate may fall short.
How will this affect the price of oil? It will certainly push you down. Not only because it will significantly reduce consumption across the planet, but because it will push other manufacturers to also produce electric cars.
And not only that, but it will also boost the development of hybrid cars. The purely fossil vehicle may have its days numbered.
Oil-producing countries, especially OPEC countries, have enough capital to influence all areas of the economy. Petrodollars are well known for extending their tentacles to all businesses and countries.. However, when the wheel of history turns, it is very difficult to stop it.
The move to amore sustainable energy modelit’s running. The electric car is just a symptom. Perhaps it will arrive too late, taking into account the effects of climate change that are already taking place, but it will arrive, there is no doubt.
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Renewable energy has not yet reached the point where it is profitable enough to be used as the only source of energy. Nuclear and oil and coal thermoelectric plants remain essentialespecially now that crude oil costs less than $40 a barrel.
Cheap oil is a negative incentive for changing the energy model, but if with rock-bottom prices we can see movements that signal a paradigm shift, what will happen when the price rises?
In the long term, electric vehicles will end up being cheaper than conventional ones., not only when buying them but also when feeding them. However, the power for the charging stations will need to come from renewables or nuclear for the impact on the price of oil to be truly felt.
Once these two circumstances come together, crude oil will plummet and we will see quite important problems in the producing economies. That is why it is important to take good care of yourself before this happens.
The relationship between supply and demand and how it affects prices has been well known for centuries. It is only necessary to apply it to the future of the electric car to identify the oil crisis that it will cause.
It will arrive in 2040, maybe sooner, maybe later. It’s hard to say, but unlike other technologies it seems that electrically powered vehicles are here to stay.
If we add the autonomous car or collaborative economy initiatives, things get even uglier for OPEC. Let no one say that we were not warned.
(Source: Bloomberg)
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