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China’s EV Boom Threatens to Push Gasoline Demand Off a Cliff
(finance.yahoo.com)
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this post was submitted on 29 Nov 2024
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Primary reason I don't understand the call for "drill baby drill". We'll end up with oil and needing to sell it for much cheaper than anticipated because the demand is low.
Big manufacturing stands to benefit from this too.
Lubrication and grease is a big fucking industry. Everyone needs it, from automobiles to machines binding beds together to bridges and, hell, everything, EV's even. The cheaper oil is, the cheaper that gets, and I know I'd love to walk away from a $35 oil change.
Ya I always hate when people say, "We'll always need oil!". I mean, maybe ya, but for every time we convert a car, or power plant, to electricity, or stop producing some plastic product, that reduces the overall demand. It's a good thing!
As long as you have a cartel OPEC controlling the price you won't end up like that.