All fossil-fuel vehicles will vanish in 8 years in twin ‘death spiral’ for big oil and big autos, says study that’s shocking the industries
This speedy revolution, a Stanford economist says, will be driven by technology, not climate policies — and while his timing may be off a few years, there is little doubt about the direction.
No more petrol or diesel cars, buses, or trucks will be sold anywhere in the world within eight years. The entire market for land transport will switch to electrification, leading to a collapse of oil prices and the demise of the petroleum industry as we have known it for a century. Seba’s premise is that people will stop driving altogether. They will switch en masse to self-drive electric vehicles (EVs) that are ten times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles.