Oil producers should not be complacent with burgeoning oil prices. This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. The auto-industry went through significant changes, from smaller cars in the early 20th century to big and heavy cars in the 1960s. This trend changed after the 1970s oil price shock, which led to manufacturing lightweight and fuel-efficient cars. This era represented adjustments in internal innovations for the survival of the auto-industry in a new environment. Such changes did not hamper the growth of the oil industry, in fact, it buoyed its growth. At the turn of 21st century, the auto-industry is now set to change structurally from fuel-based vehicles to electric, fuel cells, hybrid, LNG/CNG etc. Furthermore, technological advancements are pushing towards autonomous vehicles that would no doubt reduce the vehicles ownership, which in turn would affect the oil demand […]