Ever since Elon Musk introduced Tesla it seems like the influence of reducing carbon emission has really taken off. More countries have declared that they will ban fossil fuel cars by a certain year. Some countries will impose the ban earlier than others but the direction and idea is the same. This will have a direct impact on oil companies.
By 2030 several key nations will ban all fossil fuel cars leaving only electric cars permitted to be sold. The consumption of gasoline and diesel will drop tremendously, so will the consumption of engine lubricants since electric cars do not use engine oils. Saying this, many developing countries have not declared their plans to ban fossil fuel cars but they are likely to follow suit in a matter of years. Ever since the news of the countries banning fossil fuel cars car companies are now scrambling to develop electric cars as fast as possible. They once laughed at Tesla but now they have no choice but to chase Tesla and do what Tesla has done in the last 10 years.
the influence of the oil giants have also reduced significantly and will not have such a big impact on the global economy. the development into electric power for ships and plane have also moved forward which means potentially further reduction of fossil fuel consumption. Apart from just reduction of oil consumption from the transport industry, the shift to renewal energy has accelerated with more countries using solar, wind and biomass energy systems which means the eventual demise of oil companies.
A simple scenario of a family home with solar panels on the roof which can charge the car and also provide power for the home will practically make the oil industry obsolete in time to come. The further evolution of solar technology will come and this will likely accelerate the demise of the oil companies.
Tesla and Rimac have proven that they can make exciting cars that are capable of beating fossil fuel cars. Electric is no longer boring, it is here to stay and it is the future.
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