The electric car revolution that California’s utilities are preparing for will transform the oil industry. History is full of examples that industry leaders are ill-prepared to deal with such shocks and present-day oil companies are no exception. Downplaying the impact of the electric car is still the mantra of the oil industry. But BP is now giving a different message. The British oil giant says the electric car could halve the demand for oil from vehicles. BP estimates that shift to cleaner energy means that by 2050 demand will be less than half of the oil which is available. That means that—even in the vision of a major oil company—a lot of oil is not going to be burned.
BP sees demand for oil slowing with electric car revolution
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