Just a random musing. As EV’s become more popular, means less gas being used, means potentially lower prices since supply of gas should increase? Or do they just cut production and keep prices the same.
Wondering what will happen in the long term.
Just a random musing. As EV’s become more popular, means less gas being used, means potentially lower prices since supply of gas should increase? Or do they just cut production and keep prices the same.
Wondering what will happen in the long term.
Oil production rises and falls due to price/barrel and anticipated demand. Extraction is not free. Some places it’s not profitable to pump unless it’s a certain price, which in turn eventually lowers the price, which decreases production. Eventually demand will stay too low for the harder oil to be worth extracting.
Oil will be used in large quantities for a long time. Plastic still needs it. Huge parts of the world don’t have an electric infrastructure to support DCFC which means ICE vehicles will be needed for most of this century barring some newer technologies in decentralized electricity production.