Last week, we reported that a new study says automakers without compelling EVs are signing a death warrant.
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.”