Electric cars are already changing the world – and faster than anyone expected! Despite Trump’s law that cut tax incentives for clean energy and electric vehicles, the world is not stopping its massive shift to electric cars. Yes, you read that right – even as America props up the oil industry, global demand for oil is sinking like a stone.
The beginning of the end for oil? Trump’s law eliminated federal tax breaks for solar and wind energy, as well as electric vehicles, while introducing tax breaks for oil and gas companies. To make matters worse, American companies can now freely emit methane – a gas ten times more harmful to the climate than carbon dioxide – for the next ten years. Climate experts are sounding the alarm about serious health and environmental consequences.
But the world isn’t slowing down! According to BloombergNEF research, even if US slowdowns cause 14 million fewer electric vehicles sold globally by 2025, the global transition to clean energy will continue. Electric cars are already replacing millions of barrels of oil daily – just imagine what that means for the oil industry!
To put it in perspective: the first million barrels of oil per day were replaced by electric vehicles back in 2019. By the end of this decade, electric cars are expected to replace up to five million barrels of oil daily! For comparison, that’s the amount of oil consumed by the entire South Korea in one day.
Oil giants aren’t giving up easily. Instead of fighting electric vehicles, they plan to become ‘big EV’. Chevron has bought huge tracts of land for lithium mining, BP and Shell are massively investing in electric vehicle charging infrastructure. They even opened the largest fast-charging station in Shenzhen!
The bottom line? While Trump and his Washington allies currently celebrate an oil renaissance, the long-term fate of the oil industry is practically sealed. Electric cars are the future, and oil is on its way out.
So, what do you think? Will oil manage to resist this electric tsunami, or is it time to say goodbye to gas stations? Drop a comment, spark a debate, or just share a laugh with friends over this news – the world is changing, and we’re here for it!
