Cathie Wood forecasts that as the world shifts to electric cars and trucks this will take oil prices down to $12 per barrel.
About 35% of world oil is used for cars and trucks. A shift to electric cars and trucks will remove 35% of oil usage. If this shift is over 20 years then from 2025-2035 there will be about 2% per year drops in oil demand because of EVs.
Electricity generation is another 19% of global oil usage. The world will shift to a lot of solar and batteries over the next twenty years.
Oil usage will be halved by about 2040.
SOURCES- Ark Invest, EIA, IEA
Written by Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.