Market for Fossil Fuels and Internal Combustion Engine Cars is About to Collapse
There was a good Op-ed recently in The Salt Lake Tribune.
Transportation currently accounts for 60% of oil demand. After 2025, this source of demand will rapidly dry up. By then, lithium-ion batteries will have scaled up massively, cutting their costs in half. This will allow anyone to buy a compact electric vehicle with a 200-mile-plus range for $12,500. Price competition this severe will quickly eliminate the market for new internal combustion engine (ICE) vehicles, and will eliminate 30% of the crude oil demand along with it. — Malin Moench