Today, we report that the oil industry may be fatally ill, as well.
Deutsche Bank’s new report, “The Peak Oil Market,” predicts that electric cars will send the oil market into a tailspin between 2020 and 2030.
“We expect (electric propulsion) will reverse the dynamics of world oil demand and spell the end of the oil age,” the bank writes in the report.
A story in yesterday’s Wall Street Journal said that the bank expects electric and hybrid vehicles to account for 25% of new car sales by 2020, in both the U.S. and China. The story went on to quote the report as stating, “U.S. demand is key. It is the last market-priced, oil-inefficient, major oil consumer. We believe Obama’s environmental agenda, the bankruptcy of the U.S. auto industry, the war in Iraq, and global oil supply challenges have dovetailed to spell the end of the oil era.”
Tesla Motors plans to roll out a “compelling, affordable electric car” that will sell for about half the price of its high-profile Model S by the end of 2016, company chairman Elon Musk said last week.
For industrial control applications, or even a simple assembly line, that machine can go almost 24/7 without a break. But what happens when the task is a little more complex? That’s where the “smart” machine would come in. The smart machine is one that has some simple (or complex in some cases) processing capability to be able to adapt to changing conditions. Such machines are suited for a host of applications, including automotive, aerospace, defense, medical, computers and electronics, telecommunications, consumer goods, and so on. This radio show will show what’s possible with smart machines, and what tradeoffs need to be made to implement such a solution.