The Tesla effect: Oil is slowly losing its best customer
Between global warming, Elon Musk, and a worldwide crackdown on carbon, the future looks treacherous for Big Oil.
The rise of Tesla and electric vehicles broadly pose an existential threat to the oil industry. Passenger vehicles are the No. 1 source of demand for oil — and tomorrow's transportation system may no longer rely on the gas station.
But it's unclear if long-term investors should worry that the world's unquenchable thirst for oil will finally be satisfied. No one truly knows when that moment will arrive: Estimates range from a few years to several decades. The timing depends on how many electric vehicles will be on the road, how seriously governments take global warming and a confluence of other factors.
The lack of visibility in the oil industry's long-term future remains a big risk for investors. Rapidly evolving technology and shifting political winds could hasten the arrival of peak oil well before Wall Street's estimates. That could cause serious financial pain.
https://www.msn.com/en-us/money/markets/the-tesla-effect-oil-is-slowly-losing-its-best-customer/ar-AAB5eim?li=BBnbfcN
Won't someone think of the poor oil drillers and refinery workers? - Donny Dotard.