Oil Demand for Cars Is Already Falling
The number of electric cars, as low as it is, is already having an impact upon the thirst for oil. The demand for fuel in cars is falling.
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This is no surprise. While the percentage of evs on the road is not great, it is still a lot of them. I believe that China has over 1M in operation. That is a big number. Also regular cars have seen their mpg increasing over the years. EVs will really start to dominate in about 2 years.
Oil prices are increasing now
I wonder what will happen to the OPEC states with their oil barrels when the e cars are on the road now?