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How will electric cars affect oil prices?
With electric cars on the rise, what effect is that having on the oil industry?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Electric cars will definitely impact the oil industry and its prices, it is simply a matter of when and how much. EVs don’t require oil like traditional vehicles do so a lack of demand is sure to hurt the industry built on supplying the demand.
Experts say that the rising EV demand is set to erase the demand of millions of barrels each day by 2030 if governments stay on target. The pandemic halted many of the new car sales since the at-home order removed the need for travel.
Despite this, electric cars were still at a record high for sales. Having a low demand for oil may run some companies out of business while the remaining companies may need to hike up prices to subsidize profit losses.
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