“Here’s How Electric Cars Will Cause the Next Oil Crisis” Truth, Validity & Soundness – Jackson Lam
In the link above, there is a video and an article describing the expected outcome of the downfall of oil prices. They are claiming that with the introduction of electric cars, it will greatly impact the demand for oil and that there will be billions lost.
Bloomsberg Business conclusion is that within 25 years, about 35% of cars will use a plug in
Their argument for their reasoning is that
- Long-Range Electric Cars will cost less than $22,000 USD by 2040 according to the current projections | Meaning it will be more affordable and sensible for a consumer to purchase an electric car as it is much cheaper to purchase and maintain than a fossil-fueled car, along with the benefits of being eco-friendly
- Multiple Car Companies are investing billions of dollars into electric cars and will begin selling them in a few years at the $30,000 USD range | The goal for many of these companies is to meet the standards or beat the Tesla Model S in every category there is, which now outsells several luxury class automobiles
- There is now a greater incentive to produce and electric car | Previously, there were four main reasons why there was little incentive to produce electric cars. Governments must offer incentives to the production and use of electric cars, manufacturers were forced to gain low profit margins, consumers were required to pay more for an electric vehicle, and the price of the battery was expensive. However, there is now a decreasing price in sustainable batteries
With the premises and arguments above, there is a lot of proof showing the truth and validity of how in a short amount of time it will be more logical for someone to purchase an electric car rather than a gasoline car, which will dramatically impact the price of oil caused by electric vehicles.