Hardly a day goes by without a research company releasing yet another report forecasting the future of electric vehicles and all related industries, oil included. Some of these are skeptical, but most predict a bright future for electric cars. The latest is no exception: a UK-based company, Aurora Energy Research, has projected that the adoption of electric cars could wipe out as much as US$21 trillion in revenues for the oil, gas, and coal industry by 2040. In oil, Aurora Energy Research predicts that revenues could fall from US$1.5 trillion in 2016 to US$1.1 trillion in 2040 on the back of fast EV adoption combined with major improvements in energy efficiencies. Meanwhile, oil prices could plummet to as little as US$32 a barrel. This is what could happen under a “Burnout” scenario developed by the research firm that envisages fast growth in EV adoption and equally fast growth in […]