Electric Cars Will Crash Oil Prices to $12 per Barrel

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