"Stanford University economist Tony Seba forecasts in his new report that petrol or diesel cars, buses, or trucks will no longer be sold anywhere in the world within the next eight years. As a result, the transportation market will transition and switch entirely to electrification, "leading to a collapse of oil prices and the demise of the petroleum industry as we have known it for a century," reports Financial Post. From the report:
Seba's premise is that people will stop driving altogether. They will switch en masse to self-drive electric vehicles (EVs) that are ten times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles. Only nostalgics will cling to the old habit of car ownership..."Read on!
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