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When will electric cars affect oil companies?
If more people start driving electric cars, will it start to have an impact on oil companies? If so, when will that start to happen?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As gas prices climb, more and more consumers are looking to electric cars to help ease the burden of paying for fuel and commuting costs. While oil companies have been seeing record profits amid the surge in gas prices, the demand for electric cars has already affected oil companies by driving oil companies to:
- Lobby against EV infrastructure development
- Adopt more sustainable practices
- Buy into EV startups of their own
Still, electric cars aren’t the only thing impacting oil companies right now. EVs are just one part of a global movement as many people are trying to move away from fossil fuels toward more renewable and sustainable energy.
If you’re thinking about buying an electric car, download the
Jerry
app to save on your car insurance
plan. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy. The average user saves over $800 per year!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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