it is the beginning of the end for oil companies?

Oil companies have been raking in so much money in the last 60 years especially with the boom in car ownership worldwide however is this trend about to end? Big oil companies are now all looking towards alternative fuels or alternative power since the shift towards electric cars and fuel cell cars are moving into higher gear. Hydrogen fuel cell cars are starting to grow in popularity as the technology is becoming more accessible. Electric cars had a massive boost with Tesla pushing this idea despite car companies starting it off more than a decade ago. Prior to Tesla getting into the game traditional electric cars were deemed to be boring with no character but Tesla turned this around and made the electric car cool, fast and innovative.

More countries are also moving towards using clean energy from the sun via solar farms and also through water from the sea (a new concept pioneered in Australia to harness the power of the ocean's waves to power a pump to create kinetic energy which is then converted into electricity). All this just means that the consumption of fossil fuels will reduce but the impact is not yet felt but will be coming. The shift towards alternative energy is moving at such a rapid rate that it is hard for the oil companies not to take the necessary steps to be in the game before they become irrelevant.

Most cars for the next 20-30 years will still be running on fossil fuels but with each year that goes by more electric vehicles will hit the road. This shift is unlikely to stop any time soon and the sale of fossil fuel will continue to drop. Countries which are major producers and exporters of oil will suffer as their revenue will drop. Countries like Saudi Arabia for the first time in history is selling bonds to raise funds.
To the ultra conservative people they will think that the public is jumping the gun by going electric but little do they realise that the the pollution created from producing oil and its products is killing the environment.

Massive solar farms such as that in Morocco is making headway and many countries are looking towards the same concept. With the internet and the big push towards innovation the last decade, the improvement in technology for alternative energy is growing very rapidly further pushing the development in this new industry.

I believe in 30 years time some oil companies who don't change their business will suffer the same fate as Kodak..! no company in this planet is too big to fail. Nokia and Kodak died a miserable death for not looking into the future. In this competitive world, nothing last forever and if you don't move with it, you will be left behind!