Electric vehicles impacted oil production. One of the reasons that oil prices bottomed out was because no one is cutting their production significantly, the coronavirus pandemic has decreased people’s travel and demand for gas, and there is nowhere left to store the oil that is being pumped.
In the past, production was always cut with major demand shifts, so what changed that?
The threat of electric vehicles.
It’s believed by some countries and economists that peak oil demand has been reached. That we’ve already consumed more barrels of oil per year, then we’ll ever consume again since electric vehicles are increasing in adoption rates. Now countries are in a rush to sell as much of their oil over the next 20-30 years as they can before oil demand drops drastically.
This is one way change can happen. Not through pure politics or complaining, but through pressure from a good idea.
That’s always been my goal for this blog. I want to show people perspective on those who are doing great things, treating people and workers well, growing, and putting pressure on others to do the same. Some good ideas can make unfathomable changes. In this case, the electric vehicle (and maybe growing green energy technology) are causing an entire economy to shift what has been its backbone for a century.
Imagine what some other good ideas can do.