Over decades, people never believed that electric cars will dominate the industry and replace gas powered ones. There are so many transformation over two decades on technologies where electric power is highly used. This is more evident in countries that are using technologies since the demand for gasoline has decreased. Since lots of people are nowadays demanding electric cars, it is an indication that there will be change in long term oil price forecast and you can check it out!
The effect of the ongoing global pandemic gives a clue on long term oil price forecast that in the coming three years the prices will double. However, since by 2025 the demand for electric cars will be high, the prices will be uncertain. The ban that has been issued by the UK government of gasoline cars by 2030 helps in predicting the future price of oil view here!
There are also short term factors that makes the prices to rapid increase such as the economic development, oil supply and political events.
The cost parity will be attained by the 2025 between electric cars and gasoline cars here! This is creating awe to legacy car manufacturers since there is stiff competition that is in the market today. The research has determined that electric cars can be able to cover the distance covered by gasoline cars for less than half the price. Besides, it is vital to understand that countries where the price of gasoline has increased such as Norway and more the demand for electric cars is high to save on cost and you need to learn more here.
Sustainability is well considered here as more cars such as BMW i3 are buying up the idea. The demand for electric cars has increased since these cars are good when it comes to sustainability and also cost effective. This idea of sustainability has influenced oil companies to buy electric charging companies since by years the oil will be extinct.
Renewables are estimated to offer about 85% of the world electricity comes year 2040. It is noted that there is great use of solar power which is renewable energy as per the fossil fuel powered electricity, read more here. It is important at all times to investigate and now the cost of product of the renewables so that proper decisions can be determined.
The electric cars are encroaching the market and this is a threat to gasoline cars as this will have an impact on the long term oil price forecast that the prices will decline as the global embrace electric cars.