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April 29, 2017 | Oil Cos Forced to Admit: Electric Vehicles are New Normal

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

Remember the adage: “It’s hard to get a person to admit facts when their pay cheque depends on denying it”?

Electric vehicles powered by renewable power makes so much more sense on every measure than old school ‘ICE’, that the evolution is unstoppable. Even oil companies are finally starting to publicly acknowledge these facts with projections that 35-47% of new cars will be EV within 23 years–likely a gross underestimation of the adoption pace now unfolding.

Electric cars are coming fast — and that’s not just the opinion of carmakers anymore. Total SA, one of the world’s biggest oil producers, is now saying EVs may constitute almost a third of new-car sales by the end of the next decade.

The surge in battery powered vehicles will cause demand for oil-based fuels to peak in the 2030s, Total Chief Energy Economist Joel Couse said at Bloomberg New Energy Finance’s conference in New York on Tuesday. EVs will make up 15 percent to 30 percent of new vehicles by 2030, after which fuel “demand will flatten out,” Couse said. “Maybe even decline.” Here is a direct video link.

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April 29th, 2017

Posted In: Juggling Dynamite

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