So Bloomberg here seems to think that because of electric cars gaining mass appeal and the shift away from fossil fuels and towards renewables (as well as an increase in the affordability of battery storage, making solar more practical), the market is likely to experience a glut of oil next decade.
Meanwhile, OPEC is calling bullshit because they think that electric cars will never be popular. And there's also the theory that Africa getting its shit together and modernising its economy will supplant the reduced first-world oil hunger.
Who do you think is right, Veeky Forums? Should I be betting on the electric car succeeding, or OPEC being right?
Even with electric everything, oil will still be needed.
Blake Edwards
>Who do you think is right, Veeky Forums? Next decade. Man they can't even predict oil prices a few months from now. I can't speak for the future but right now gasoline demand is strong in the US because of people going back to their F-150's. In India gasoline demand is high because of gasoline scooters that are nice and affordable over there. Plus did you know it takes oil to make toothpaste?
Charles Howard
Oil is used for more than cars. People are getting further in debt, and I doubt they'll be able to afford electric vehicles. IF these cars can become as cheap as regular, then yes, oil could fall further.
Samuel Campbell
Oil is dead when an electric motor can Carry longhorn cattle across 800 acres better than my 7.3 powerstroke, 13.3L international.
Isaiah Robinson
Do you realize that petroleum is used to make pretty much all plastic products. It's a good bet that like 80% of the items around you right now we're manufactured with some sort of petroleum product. It's not just a fuel, dummy
Landon Scott
> (You) >Do you realize that petroleum is used to make pretty much all plastic products. It's a good bet that like 80% of the items around you right now we're manufactured with some sort of petroleum product. It's not just a fuel, dummy Yeah no shit. > (You) >Do you realize that petroleum is used to make pretty much all plastic products. It's a good bet that like 80% of the items around you right now we're manufactured with some sort of petroleum product. It's not just a fuel, dummy Yeah no shit /b/ head however OP posted a thread about electric vehicles. Fuck off
Isaac Richardson
Biodiesel
Xavier Stewart
I can't see electricity being cheap enough to make it feasible to switch to electric cars. All "green" energy projects currently lose money and environmentalists are singing the song of their people about hydro, nuke, nat gas, and even wind power now. If the figure out fusion we might get somewhere but until then I'm betting on oil being essential.
Jaxon Ward
Inefficient and costly.
Electric is hampered by shitty energy density and charge times. While certain devotees who don't really need to drive much might consider it acceptable to switch their car to electric, you'll have a harder time convincing aircraft manufacturers, freight ships and truck companies to do the same. Also the batteries are really really fucking expensive. Without the west strong-arming the developing world into using a much more expensive energy solution, it won't happen because they are poor. The developing world btw is growing really really fast. Personally unless the issues re: batteries are resolved spectacularly by some new tech it seems to me like oil is safe for at least a few decades.
Thomas Campbell
There are 2 major reasons that people aren't flocking to electric cars yet. - driving range is not long enough. This can be fixed by better battery tech or having quick and plentiful recharging stations widely available - cost. electric cars cost a bit too much, so it's hard to justify paying a few thousand extra bucks up front even if you might make break even on gas in the long term. Cost will come down though.
The other smaller issue might be unknowns about maintenance and potentially lower resale value of a 5+ year electric vehicle due to the fear that the extremely expensive battery may need to be replaced soon.
These are all solvable to some extent and should improve dramatically over the next 5-10 years, so then you may see a vast number of people switching to electric cars for their daily personal transport needs.
Caleb Wright
>Oil is dead when an electric motor can Carry longhorn cattle across 800 acres Not making the cattle walk to their death
Camden Campbell
You do realize oil already crashed?
Andrew Gomez
This guy gets it.
For electric vehicles to become standard there needs to be >enough minerals to make that many batteries cheaply >enough capacity of the electrical grid to power them Nether of these are the case currently.
There's a double problem in that much of the worlds wealth is in colder places with long winters. Batteries don't maintain a charge well when it's cold. And there's reduced ability for solar production too. It would never be feasible on the American eastern seaboard.
Gabriel Reyes
>go on family vacation >drive 200 miles >recharge >drive 200 miles >recharge >drive 200 miles >recharge >Get to destination >Realize its time to go back or you'll miss work and get fired >drive 200 miles >recharge....
The problem with electric cars has always been range and feasibility. Not to mention batteries are expensive as fuck and need to be replaced every 3-5 years. Honestly, I can see them getting rid of safety features and going to alcohol driven go carts before electric cars become a thing. Plus oil isn't regenerating. There is a finite amount. It will continue to be worth something until we use the last of it.
Christopher Cook
>go on famiily vacation >drive 40 miles >at airport >free electric car parking >take 1200 mile flight >enjoy vacation >fly back >enjoy fully charged car >drive home
Mason Myers
Must be nice to be so rich you can afford a plane to go where ever you want. But you are right, there are no electric planes so oil is still going to be a valuable. Also most working class will not be able to afford to jet set so no vacations for them unless they have a gas vehicle.
Caleb Wright
you do realize the factors behind the crash are political ? you do realize that not everyone can afford a brand new car let alone being electric ?
Connor Turner
>political
The dollar caused the crash of oil and the crash of metals.
>new car
That's why you buy used or lease.
Jackson Smith
and most electric cars are ? how much is a 2001 tesla wagon ?
Bentley Williams
>electric cars >still needing coal to produce electricity >literally trying to focus only on electric cars when electric cars are like 0.0000001% of the cars on the road
James Torres
Dude that is a drive from Pittsburgh to Miami. Fuck that! I am not driving that far.
Planes aren't that much money now unless you have a lot of kids, then sure go car and stop a lot. Every time the wife and kids make you stop your electric car could have been quick charged!
Isaiah Thomas
>Africa getting its shit together LOL
Justin Phillips
I wouldn't say a decline is in order, but i think demand will be incredibly slow or flat. Oil will stick around for its energy density. Things like heavy vehicles (think trucks, ships, airplanes) will still use for a very long time. Electric cars will only be good in places with a strong power grid and wealthier incomes. You won't see the 6.5 billion people in poor countries use it. Also, oil is good for some chemicals, but you can use natural gas and coal if you had to.
Ryan Morgan
How did the dollar cause the fall in oil?
I'm not saying your wrong, I'm just a bit of noob to commodities. I think it was down to slowing demand from China and other markets more gl generally and also the fact that OPEC have stopped agreeing on supply quotas to sweat the high coat producers out of the market?
Wyatt Reyes
gold and oil are traded mostly in us dollars when the dollar falls, people will put their money in gold/oil when the dollar jumps, people will put their money in dollars (i know it sounds weird but it's just another way of saying risk on/off)
look up what interest rate cycles are and how they can affect the dollar
Chase Ward
>You won't see the 6.5 billion people in poor countries use it. But that's the thing, they don't use heavy vehicles now in those countries. Right now in India gasoline demand is hitting record highs. Why? Because of scooters! Those can easily become electric in a few years as the price goes down.
James Davis
>slowing demand >$140 oil It's called demand destruction and there is lag involved. That cycle will repeat a lot in the days ahead.
>Those can easily become electric >easily Because the Indian electric grid is so reliable? I guess they are building more nuke plants.
Cooper Rogers
Of course the Indian electric grid will get more reliable over time. Same as they will poo and more loos and clean the bodies and shit out of the rivers.
you can fly pretty cheap within the united states. My buddy flew from Maine to Florida and back for 150 bucks round trip. The time you save alone makes up for that price.
Landon Cruz
It's just like 8 % of oil that is needed for chemistry and plastics
Justin Edwards
Industry uses 25 percent of oil.
Austin Murphy
Wew, I get ill just thinking about the place. Are electric cars gonna work in the rain well? Here in my province Ontario they are mandating and greasing the wheels of electric cars but power rates have gone up substantially since goobermint sold off the utility for a quick fix. I get ill thinking about Ontario, the road to hell is paved with good intentions.
Carter Gonzalez
Yeah electric cars work good in the rain though really that's more tires, brakes and traction control.
Basically though the third world is growing up. Time to get out of their infancy and join us.
Henry Anderson
>If the figure out fusion soo... you're saying "buy LMT"
Jordan Bennett
>oil isn't regenerating opinion discarded.
Eli Bennett
One fifty-gallon BARREL of oil is required to push an airliner one MILE on average; even if half the ground traffic goes electric, airlines alone will continue to need oil for some time, not to mention all the other applications like plastic manufacturing and generating lots of the electricity needed to charge those batters and power those electric cars et cetera.... >but oil will never be $100/bbl again
Hunter Stewart
With airlines its probably going to need super light strong cheap materials like carbon carbon or something in addition to immense power storage.
Kayden Rogers
tesla has been making electric cars longer than 2009, if we didnt want them then we're not going to want them now. all this hype is just speculation. people are going to wait for the price of the car to drop before they buy it and only a selective few of rich morons will buy it now.
