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Electric Cars Could Wreak Havoc on Oil Markets Within a Decade

February 24 — There are more than one billion cars on the road worldwide today, and only one tenth of one percent of them have a plug. OPEC contends that even in the year 2040, EVs will make up just one percent. But don’t be so sure. By 2020, some electric cars and SUVs will be faster, safer, cheaper, and more convenient than their gasoline counterparts. What if people just stop buying oil? In the first episode of our animated series, Sooner Than You Think, Bloomberg’s Tom Randall does the math on when oil markets might be headed for the big crash.

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50 Comments

  1. silent cars are dangerous
    you just won’t hear it coming

  2. Full electric cars today:
    Tesla model S, X
    Nissan Leaf
    Huyndai Ionic
    VW Golf GTE
    Lucid Air comming
    Rimac
    Chevy Volt
    … add more…

  3. The comment in the video asserting India and China will lag? China already leads! India is mulling ban on new oil burners by 2030!

  4. Oil drops. Coal rises. Electricity doesn’t just come from nowhere. And there has been plenty of research done to show how Electric vehicles net carbon footprint is even greater than gasoline powered cars. It is no where near as straight forward as this video portrays. Bloomberg, you fail.

  5. Oil has more than just that working against it. Hybrids, less driving, and more efficient engines all work against demand. I leased a Leaf in 2013 and drive it over 30,000 miles. I now have no car and use a bicycle and public transportation because I moved to a European city. Airplanes are becoming more efficient, trucks are becoming more efficient, the militaries of the world are becoming more efficient, and alternatives are becoming more common.

    Also, I HATE when someone says "electric engine." It is a motor, not an engine.

  6. China is investing heavily in evs. Tesla is selling there now and there is massive demand for them. Reasons are that the government gives incentives and you can access areas where gas cars are not allowed. I believe India has a need for them as well. Within the next few years, demand is going to skyrocket as incentives are introduced and people start to become educated on the massive number of advantages that come with owning an ev.

  7. LOL good late april fools video!!!!!

  8. This video does not consider shared ownership and increased utilization of cars. Rather than 4% utilization rate by single owner/single user; owners will be able to share their autonomous cars with others, while passengers won’t need to purchase their own vehicle. Any time you need to get somewhere, you’ll just smart phone it. If you are a car owner, your car will become a cash flow asset, rather than a liability. The car will pay for itself. There will be 90% fewer cars on the road, with the increased utilization. This disruption will magnify the EV adaption predictions of this video several times in the coming years. Governments and oil companies won’t be able to stop it.

  9. Right, but where this guy is from they have some of the best clean energy. If we keep pushing for renewable energy, recycling batteries/parts then the calculations go way down. Factor the green energy initiatives being implemented across Europe over a 10 year lifespan. Besides that even 5 tonnes over a lifetime + less city pollution and more innovation stack up to a net positive for society.

    P.S. PragerU is a right wing think tank.

  10. People also said SuperSonic Transport (SST) was the way we would travel in future….where’s my f*ckin concorde!!

  11. Patiently waiting for this change to come as soon as possible.

  12. No matter how good electric cars gets. I’ll always stick to petrol cars. I’m a petrol head.

  13. Time to shift our focus on oil. We’ll always need it, but fire-burning energy generation will become obsolete, and the faster the better.

  14. oh god please yes!!

  15. just a reminder 2040 is in 23 years, so pretty closr

  16. Model 3 is near baby

  17. My city is still trying to recover from the 2014 crash. The nation isn’t heavily impacted, but my city reached nearly 30-40% unemployment from what I’ve heard. Massively overqualified engineers are looking for any job, and I have just left school.
    The nation did take a hit though. If the predictions in this video comes true, might Norway be in serious trouble, since the majority of the nation’s income is oil.

  18. And my vibrator still runs on double A’s

  19. You make some good points about how this could be a tipping point for free market prices. Not mentioned is the fact that home heating (and air conditioning) are bigger sources of energy consumption than are cars. Many of those plants are still powered by coal, but the transition to natural gas is inevitable. Fuel prices are largely controlled by OPEC suppliers who can turn the tap down to dampen free market changes, rogue outliers notwithstanding. Of course in an ideal world hydroelectric power (or even nuclear) would be a cleaner source of energy.

  20. i believe Tesla will be multi trillionary company on day

  21. Let’s hope that the surge of electric car demand will be coupled with the decrease of fossil-fuel power stations. This would ensure a substantial decrease of supply of oil and reduce carbon footprint

  22. it won’t happen because all those electric cars would have to be build by tesla
    tesla sales electric cars because they are very good cars even if they ware gas cars. the rest of the car companies can’t get a clue even after tesla made it’s patents free and showed that it can sell cars faster that it can make them. the way things are going it looks like tesla will be the only company that makes saleable electric cars.

  23. cars only make a small portion of oil usage, i think its the top 4 big container ships use the same amount of oil that all cars on the planet do, rockets, planes and all sorts of other engines need to be changed, not just cars, its a big market, but not the biggest market. big changes will still need to be made, but cars are a first

  24. Tesla!

  25. ok, if this is the level of Bloomberg

    don’t take their tips or opinions seriously.

  26. the electricity for these cars, at least for a while, will be provided by natural gas/oil

  27. Thats a good thing

  28. oil produces green house gases and the planet suffers from global warming

  29. All terrorism will disappear in a night if it happens , goat f;&Akers will go lalala in there desert land once for all…. 🙂 . USA don’t need to bomb to end terrorism , it just need provide r&d tech to developing nations like China ,India to mass produce electric cars.

  30. Good it happens, want to see middle east crash and anyways renewable is best for atmosphere too..

  31. > Cars that don’t exist
    > literally describes a tesla

  32. Nothing on where the electricity will come from. Key.

  33. wanna fight radical Islam? buy electric cars

  34. its going to happen and It will be better if America is the first to make the transition.

  35. I can’t wait the Model 3 to be realeased.
    ❤ Everybody loves Tesla ❤

  36. I have faith Elon Musk will make it happen.

  37. So you are saying, I could get myself a car with an rotary engine in 2025 or something and do not need to worry about gas price?? Great!

  38. Tesla’s plant has built 500000 cars a year for 50 years. Just not in the last 8.

  39. What people forgot is governments are powered by corporates mostly oil companies and bankers and both will not let the oil economy slip away. If electric cars increase then your electricity bill will increase. one way or other they get back at you.

  40. My next car will definitely be electric and the power will be coming from my own solar panels. Can’t wait!

  41. Isn’t it obvious?

  42. Electric cars still need energy – electrical energy and more electric cars will require more electricity generating capacity and since not all countries have sufficient hydropower, wind and solar electricity generating capacity or resources, won’t they still have to rely on oil and coal energy sources?

  43. It is already lifting off.
    Germany is banning all cars with internal combastion engines by 2030.

  44. Governments wont like because no fuel tax revenue to go for road upkeep. Means they will require some kind of meter to monitor usage for driving you drive.

  45. Renault, Nissan, BMW, VW etc all have or soon will have an EV capable of doing +200 miles on a charge. The problem now isn’t the car, its the infrastructure! We need more fast charging points ie 80% in less than 30mns!

  46. electric car are made with oil based products, so if oil is gone how are you going to build the parts for cars?

  47. Come on, where is the electricity for electric cars will come from? Thermal heat power stations are dominating in electricity supply, so electricity for electric cars will probably come from burning oil or gas, which is not only same as regular cars, but will increase the price per mile for driving electric cars, because you have electric station as a middle man. So at the end – is it worth it?

  48. ICE wil die before the end of this century that’s 100% certain, it’s curtains for oil.

  49. Uh-huh.
    Try 2123.

  50. tesla sales electric cars because they are very good cars even if they ware gas cars. the rest of the car companies can’t get a clue even after tesla made it’s patents free and showed that it can sell cars faster that it can make them. the way things are going it looks like tesla will be the only company that makes saleable electric cars.

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