The adoption of electric vehicles (EVs) will lead to global peak oil demand as soon as in 2023-2025, which will result in oil prices crashing to $10, Chris Watling, CEO & chief market strategist at Longview Economics, told CNBC on Friday. Watling said he didn’t see oil crashing “in the next few weeks or months, or maybe even quarters, but I think the long-term outlook for oil—because of what’s happening in terms of electric vehicles” with 70 percent of oil used for transportation, is oil plummeting to $10 somewhere around 2023-2025. “We used to talk about peak oil in terms of supply, we now need to talk about peak oil in terms of demand,” Watling added. China is on an aggressive push to EVs adoption, and the analyst thinks that “often new economies, emerging economies, adopt new technologies first, because they don’t have the old infrastructure that they have […]