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How will electric cars affect oil companies?
The EV industry seems like it's relatively independent of the oil industry. Will the rising number of electric cars mean the world won’t need them anymore? How will electric cars affect oil companies?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
This is a great question and one we get often. You’re right, the electric car industry seems to be fairly independent of the oil industry, so it is—in some ways— shifting the world’s fuel dependence away from oil. However many regions still use fossil fuel and natural gas for powering their electric grids so oil companies may not get the boot just yet.
EVs promise a decreased demand for oil for fuel, however, countries will need to amp up (pun intended) their electrical grids to sustain a surge in the demand for electricity. It takes a lot of energy to power one car, never mind an entire neighborhood or country especially.
A study by the
US Energy Information and Administration
in 2021 showed that 60.8% of the total US energy generation was from burning fossil fuels. This is still a high number, so oil companies are still in business for now. In the future, as many regions switch to renewable energy sources, the oil industry may have to take a back seat.
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