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Electric Cars Could Wreak Havoc on Oil Markets Within a Decade

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There are more than one billion cars on the road worldwide today, and only one tenth of one percent of them have a plug. OPEC contends that even in the year 2040, EVs will make up just one percent. But don't be so sure. By 2020, some electric cars and SUVs will be faster, safer, cheaper, and more convenient than their gasoline counterparts. What if people just stop buying oil? In the first episode of our animated series, Sooner Than You Think, Bloomberg's Tom Randall does the math on when oil markets might be headed for the big crash. ---------- Like this video? Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg?sub_confirmation=1 Bloomberg is the First Word in business news, delivering breaking news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com Connect with us on... Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/
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Текстовые комментарии (2345)
dillondecal (5 дней назад)
Y’all are underestimating S curves. Mark my words, ICE engines will die in less than 20 years.
ken URO (11 дней назад)
oil companys [land pirates] are finally getting what they deserve.
ericmarseille2 (15 дней назад)
People say that this is all about saving our planet...It's part of it, and I agree all right, but my own motivation for busting big oil is islam ; once we cut them from their money supply, those arrierated, oil-rich countries will have no choice but to turn to modern countries, like it or not, and will eventually (it will be a rocky path for sure!) leave islam for what it is, a dark ages set of fantasies...Oh, the need for religion is everywhere and will last, they'll still pretend to be "islamic", but the heart won't be there anymore, nor will be the will to hurt others for their freedom and well-being.
Jeffrey Small (15 дней назад)
We have so much oil in this country and Canada oil companies just put a cap on it too inflate prices
Shawn Kovac (17 дней назад)
this video is too old. info needs updated. a lot has happened in 2 years.
RockinJoeDavis (18 дней назад)
Yes I have saved 9,000 dollars in three years with a nissan leaf, costs 34 cents to drive 160 km. I can drive from Vancouver to Calgary nonstop 700 miles with fast chargers every 80 to 100 km apart by Highway 1 or Highway 3. I can drive in HOV lanes with just me in the car. It saved me 45 minutes I would have been stopped in traffic today.
Hulagu Khan (20 дней назад)
China will remove all diesel car by 2025 followed by India in by 2030, there are lots of local car makers Giats like Tata , MAhindra investing hige amnt of money. In India has already started using E Bus , E Rickshaw. NO OIL NO FUNDIND IN TERRORISM.
Jeffrey Hampton (25 дней назад)
Yup. Does Michael Bloomberg agree? Elon is making this a reality. Tesla’s Head-winds are huge though—- Big Oil, Big Auto, Big Short-sellers, General aversion to change, etc. —- But EV’s are coming. Thanks to Elon, We have a 3+ year head start. Elon has accomplished this despite obstacles. DOES 2020, PRESIDENT ELECT MIKE B, AGREE TESLA MUST BE NURTURED?
Samuel Lourenço (28 дней назад)
That is excellent news! Too bad it is too late.
Look out Fossil Fuel Industry. Time is running out on you...faster than you think.
Danto Johnson (29 дней назад)
30,000 $ for a electric car is pretty steep though. I mean you could buy a used car for 2,000 $ or so. So I don't think they're ever gonna be cheap.
Drivertilldeath (1 месяц назад)
If only there was a unlimited power source we could draw from..... no more oil greed. No more oil wars. Sun light and electricty = Best.
Drivertilldeath (1 месяц назад)
Yah thete are ways combustion vehicles could get 200+ mpg but GREED is the only thing that motivates the oil groups. Cant wait to never need dpark plugs, belts, oil xhange etc ever again. EV = Best
Redd Dott (1 месяц назад)
I have a hybrid ...the future is electric..Arabs will have to go back to goat rearing
novola1972 (1 месяц назад)
The world is running out of cheap oil
John Diaz (1 месяц назад)
Research what else oil products.
Sompn Brurl (1 месяц назад)
I don't understand how $30.000 would mean cheap in any way. I feel rich when I have $100 in my wallet
D A N N Y (1 месяц назад)
Lmao no I will never stop driving a gasoline car, I like driving gas, I like how it smells I like how it feels and I like how it SOUNDS.
HiYA (1 месяц назад)
Nibba airplanes still gonna use fuel
Simon Caron (1 месяц назад)
Ok.... Where's the electricity gonna come from?
Kevin Morrissey (1 месяц назад)
The biggest polluters are homes and building. I don't understand that it takes energy to make electric cars and get the junk out of the earth to process electric vehicles is going to take more or less energy?
Richard H (1 месяц назад)
Guaranteed the gov will increase the tax on fuel to compensate for the fall in price
ferkemall (1 месяц назад)
You can always trust the conservative government in the UK to lead the way ,they just announced that the green incentives for hybrids is set to be cut and the incentives to buy a BEV [battery electric vehicle is to cut by £1000 on top of that as from MARCH 2019 all green feed in tariffs for power generation are scrapped ,i mean how bad can it go ? whats next scrap all green incentives ?????????????
ScottTheAngel (1 месяц назад)
It's about time, oil companies made car companies destroy electric cars in the 90's and this should have been done along time ago Arnold is suing them for murder because climate change will kill people.
Togher01 (1 месяц назад)
There are still a few problems with Electric cars. Lithium is one reason and it is a finite resource. It also causes pollution to mine it. The second problem with electric car is where is that electricity coming from? Renewables aren't reliable enough for current demands so how are they going to help up when 50% of the cars are electric? I do hope these problems are fixed and I would like electric cars to take over. Time will tell.
Tom Nally (1 месяц назад)
Because natural gas is so cheap due to fracking and deep water drilling, it's likely that US electric power will continue to be generated using fossil fuels. (In 2017, the percentage of US electricity generated using fossil fuels was 63%.) So, if electric vehicles are evenly distributed around the US, they will essentially be fossil fuel powered vehicles. But this will be a very inefficient use of fossil fuels. Fossil fuels will be burned at the utility plants, where it will be converted into electricity. Then it will be transmitted to communities during which energy losses will occur. Then it will be distributed to homes during which energy losses will occur. Then it will be used to charge your EV's battery, during which more energy losses will occur. So, if you are going to power your vehicle using fossil fuels anyway, it's much more efficient just to use a fossil fuel consuming engine.
GeoMisfit (1 месяц назад)
"... electric engines ...." (3:13) X^D
magnvss (1 месяц назад)
I hope so, thought there are other factors that may come into place beyond price, range and charging stations, like the cost or replacing the car's batery after 10-12 years (unless we think that everyone will just simply buy a new car). Also there is no a battery efficient replacement for normal sized passangers' aircrafts (only small ones with short ranges) as the weight becomes a huge hindrance with current bateries (though other things like hydrogen could be used but at a quite higher cost). Marine ships also are yet reliant on low quality very contaminant gasoline and in huge quantities and those things are the living veins of today's international economies, for instance most countries in the world don't produce enough food to feed themselses and rely on imports, sometimes from places very far away. Etc. In other words, it could be convenient for cars buy it could drag a whole set of other things' costs up if an equally cheap and efficient replacement is not found and implemented.
CRT Mojo (1 месяц назад)
Oh no fuel prices would drop
AMERICAN PATRIOT (1 месяц назад)
Hooe this happens soon then maybe well finally get out of the middle east and let nature take its course.....
sweiland75 (1 месяц назад)
Tesla has not even broken just .1% of the overall vehicle market. Hardly a threat to ICE vehicles. It may take decades before Tesla reaches just 10%.
Faith Freedom (27 дней назад)
you know tesla is not the only one making EV?
Avishek Das (1 месяц назад)
they wont catch on until recharges are as fast as refuelling.
Susan Monty (1 месяц назад)
the earth thanks you
Raynus 1 (1 месяц назад)
Yes, I am skeptical. Cars are only a small part of the equation. Aircraft, ships, large trucks, militaries, freight trains, etc. consume massive amounts of oil & grow at a pace consistent with global population increases. A few electric trains and cars isn't going to offset that growth appreciably.
Jamal Cole (1 месяц назад)
Some people are convertung their gas powered cars to electric. Look up Mustang 222
Chinie Chin Chen 陳小城 (1 месяц назад)
the electricity for the cars still come from oil
Faith Freedom (27 дней назад)
still more efficient than burning it in your ICE car..
jonny777bike (1 месяц назад)
If oils companies are smart they will diversify into other energy sources. Another thing we need to invest in is outer space exploration. Imagine the value of mining asteroids and building space colonies.
Herbert Eisenbeiß (1 месяц назад)
You got China wrong! In China the government requires the car manufacturers to meet a certain electic vehicle fleet ratio already today, which is only to be expected to grow! And if you are living in a big city, you get the license plate for an electric vehicle immediately, but for gas powered cars you've got to wait weeks, if not months, adding to the demand!
QSY (1 месяц назад)
FYI, China is already using electric buses and taxis. Same for police cars too
No Name (1 месяц назад)
Oil companies are the reason why we all aren't already driving electric cars
Burke McAdie (1 месяц назад)
Dam no one likes gas on this vid
Blaze (1 месяц назад)
It does exist. The Tesla models
SpaceMan101 (1 месяц назад)
Well I'm glad I was born in time to see oil crash
Leroy Hill (1 месяц назад)
2040 50%
Chris Moran (1 месяц назад)
I wouldn't be so shure big oil just got one step closer to fucking up Tesla.
oldtiedyeman (1 месяц назад)
This is just dumb.  If you own anything made out of plastic you are using crude oil.  Crude oil is used to make soo many chemicals that are worth much more than gasoline.  Gasoline is a waste product from the distillation of crude.  If we stop burning it in autos we will have to go back to dumping gasoline in the river like we used to.  Gasoline will be fractured from crude no matter what we do with it.
mitch paul (5 дней назад)
+Faith Freedom Basic research, unlike 80% of this comment section....
Faith Freedom (27 дней назад)
then what we should do?
John Gibson (1 месяц назад)
I do agree with most of this video, I'm not sure why he just dismisses peak oil.
yogendra dikshit (1 месяц назад)
Blackmailing by OPEC must be repulsed. Electric cars will end this bad business as support green initiative. Welcome.
Badabing Bodaboom (1 месяц назад)
Die oil and middle East with it
Nathan Zaremskiy (1 месяц назад)
They don't make sense on the west coast or anywhere in mountainous regions. There are no high speed plugs outside major cities, they don't hold charge going up steep hills, and if you run out of charge then too bad you're screwed. Gasoline or diesel cars will take decades to disappear from the West. Also, who has the time to wait an hour for a car to recharge when refueling takes 10 minutes at most?
Clarence Maggazz (1 месяц назад)
No one expected the advance of smartphone even Uber. Maybe something much better than will come and boom those BP and others are left with worthless stock
Washable Junk (1 месяц назад)
Not sure how I feel about electric cars. With in two miles I have coal, gas, and trash power plants. The biggest issue I see is 30 minute fast charge on a road trip.
Nick & Cody (1 месяц назад)
Screw the oil companies
Zayn (1 месяц назад)
This is why they’re going after Elon musk
The Arbiter (1 месяц назад)
Electric cars are kinda gay tho
Ring Dave (1 месяц назад)
yeah but as demand is reduce, Price of Gas is reduced, so Gas cars cheaper than electric. So long time, long time.
OhJeez (1 месяц назад)
Oil needs to die. Even if it hurts the Saudi economy, too bad.
Ishan Bansal (1 месяц назад)
3:10 India banned them from 2022 something so did China in 10 years all old vechiles will disappear
yash parmar (1 месяц назад)
I hope it comes sooner than expected otherwise we will leave earth sooner than expected
tejash patel (1 месяц назад)
Greedy demon bastards are crying rite now
Duc Vinh (1 месяц назад)
J G (1 месяц назад)
Whatever may be the form of things to come but one thing is sure that the country's dependence on import of Petroleum products will come down and so will the dependence on Foreign Exchange. But the cost per unit of electricity consumption will go up because the looters sitting in the Finance ministry wil start getting a serious heartburn and Mr. Jaitley's dirty guns will turn towards the electricity bills.
HM (1 месяц назад)
"Oh Noooo" poor oil companies"....."Pfffttt" Bahh Haaa Haaaa!!!
S Campbell (1 месяц назад)
That's a lot of dreaming and hoping !
Ravi shekhar Rathore (1 месяц назад)
May be in 5 to 7 decades . Saudi new king is trying to diversify Saudi economy . I think he is a smart man who is well aware of future . But I think it will still take 70 to 80 years . In my country 90% electricity is generated by coal and other fossil fuel . Poor country won't be able to make transition to e cars quickly . Their is not enough electricity for cars specially in Asian countries . It will still take 80 years to replace fossil fuel totally .
Dev Raj (1 месяц назад)
What if there comes a 'self charging' EV??
Chris Torrella (1 месяц назад)
Aren't enough ling distance chargers for cars on road trips? You're kidding, right? Superchargers are a thing.
Adarsh (1 месяц назад)
Watching in 2018 and needles to say not many changes
Ryan Davidson (1 месяц назад)
2040 you predict 1/2 electric and half gas cars. That is 22 years away. That’s a long time, guy.
aysiiou (1 месяц назад)
Only solution, less cars. LOTS less Not electric
Marc Roy (1 месяц назад)
Demand for oil isn't driven by combustion engines. It's about global energy demand and the cheapest way to get it. Something extraordinary needs to happen to batteries too.
Harry Kier (1 месяц назад)
The problem of climate change presents a far bigger risk than an oil crash. Why no mention of the costs of dealing with climate change?
Paul Smith (1 месяц назад)
maybe time to update this video with another???
ahmed ali (1 месяц назад)
This never take place in India.. Till Indian government moves from B TO C
Roger didit (1 месяц назад)
We'll be going to work with rocket backpacks.
N Singh (1 месяц назад)
its a digrace that we pay for oil, or that it exist, we are like 20 years behind, they could have done eletric cars alot earlier but them oil companies corrupt as anything so gladddd eletric cars are here
Andrew Miller (1 месяц назад)
I had to stop and laugh for a moment when he said "let's assume for a moment that Tesla can meet its own forecasts".
0oeddmano0 (2 месяца назад)
If demand for oil decreases prices will too. Counteracting the effect. Common bloomberg thats basic economics.
Alla Soiko (2 месяца назад)
Thats it im buying a tesls
Alex Seiffert (2 месяца назад)
If we won't run 95% of cars electrically by 2040 we will have failed miserably. Oil needed to die yesterday.
StartledB0nny (2 месяца назад)
electric cars could wreak havoc on oil markets,smoke belching cars can create havoc on earths atmosphere.
Prathamesh Parikh (2 месяца назад)
Fuck oil. And I'm sure gonna enjoy the downfall of oil companies. Greedy bastards.
xxasifxx (2 месяца назад)
If we stop guzzling gas we make plastics cheaper
G F (2 месяца назад)
And where will all the extra electricity generation come from? Maybe petroleum?
Say What (2 месяца назад)
Then instead of going to war for oil under a ton of lies, the west will have to go to war just for the profit of war itself.
Say What (2 месяца назад)
If you lie down with dogs, you get up with flees. While the United States is the main culprit for oil wars, with the UK being it's main bitch, 39 other countries 'deployed troops to Iraq' in one form or another with the vast majority being from "the west".
whatever04 (2 месяца назад)
You missed the most important part - fuel economics. The day it becomes cheaper to run an electric vehicle over a gasoline one, majority (even in india and China) will shift. Right now, a battery lasts for just about 1000 recharge cycles or 5yrs. And it just about matches the cost of gas for 5yrs. These things are already becoming cheaper and more efficient/ long lasting. My guess it, it will cross the threshold within a few years (2-3yrs) and then take off.. Its inevitable..
Gypsy2057 (2 месяца назад)
It doesn't have to be that expensive. Last year I purchased a Ford Fusion Hybrid, Energi. One of the lamest plug in hybrids with only a 21 mile all EV range. Still I plug it in all the time and well over half my miles are now EV. The car was used 2017 when I bought it in August of 2017 with low miles and it cost $19,000. Cheaper than most SUV's a little more than the equivalent non plug in Fusion but not much. This cut my gas consumption by well, I'll go 1,000 miles on a tank of gas that's only about a 12 gallon tank so let's say a third. That would still disrupt the oil industry.
Y B (2 месяца назад)
The video is about likelihood of EVs by 2040 and NOT about havoc on oil markets as titled.
Kennedy Wanjiru (2 месяца назад)
But still America and other economic titans are exploring for oil everyday. The remaining reserves could be in third world countries and hence this is to help them negotiate these countries down! Alot of electricity is generated using coal and petroleum. Let's see how they phase out oil in 5 years.
Erik Jørgensen (2 месяца назад)
Large ships will have to run on diesel due to stricter emission standards. Prices will stay high.
tejas tayade (2 месяца назад)
I don't think it will happen this soon , this easily. The oil companies are giants with lots of connections. They will influence the governments of the world to slow down the EV adoption so that they still keep making Billions out of pollution
tejas tayade (2 месяца назад)
I don't think it will happen this soon , this easily. The oil companies are giants with lots of connections. They will influence the governments of the world to slow down the EV adoption so that they still keep making Billions out of pollution
prateek kumar (2 месяца назад)
Can't wait to see the day... amen.
Kenneth Ferrer (2 месяца назад)
I don't want to buy an electric car. I want to buy an electric motorcycle.
Steve nuts (2 месяца назад)
934 days old and farily true . But China is going to take over the E.V. market.
Aria Carmela (2 месяца назад)
I bought one cheap, under $12,000. Get a used leased one. There are online forums for every kind of electric car, making the research very easy. I charge it in a regular 110V plug, love it.
VRJensen1 (2 месяца назад)
I remember what oil prices of $4.50 per gallon did to our economy in 2008. It burst the housing bubble and dragged us into a big recession. Reduced oil consumption would be Fantastic for our economy. Think of all that cash not going to Arabia or some Oil tycoons offshore account but into our economy. Bring on the EV's! Yesterday!!!
VRJensen1 (2 месяца назад)
Electricity is so much cheaper than oil. Imagine how much the economy will boom. With all that extra money circulating in the market.
thomas anderson (8 дней назад)
@phil foolishness? how about nicer schools, hosipitals and roads or more money into space exploration
Phil Timmons (1 месяц назад)
Sort of funny, but the math looks like it will "drop" the GDP. So much LESS Money going to Oil, Gasoline, Refining, Sales, and shorter life Internal Combustion Engines (compared to Electric Motors). My rough numbers are a drop of around 25% of GDP. (Yeah, I know, pretty huge). On the other hand -- we always find some other foolishness to spend money on, and keep the world turning. :)
P. A. Andrews (2 месяца назад)
The planet is in the 6th Great Mass Extinction! So mathematically ,humans only have about 8 years left here! In other words your timing and timeline is not correct.
Eduard BP (2 месяца назад)
Only 2 years old and already out of date. This tells a lot about the acceleration of EV's.

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