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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 (2373)
J. Smart (16 дней назад)
Buy an electric car. Stop supporting unnecessary wars in the Middle East over oil.
Thefirstgalaxybeing (18 дней назад)
Electric cars are he future, then electric panes, which seem to be in as much demand. This is all CLICKBAIT BULLSHIT JUST TO PLAT ADS.
Najeeb Ullah Yarzerechic (22 дня назад)
It is too conservative. Bloomberg has been too conservative on EV growth. In August it estimated that the global Ev passenger car sales will top 5 million by next March 2019 but in reality the total sales of EVs globally has passed 5million already, three months ahead of Bloomberg’s forecast. I see this scenario playing out by 2020. In addition they are talking about passenger cars only; electric buses, trucks and ferries displace far more oil than cars.
True Talk (24 дня назад)
When cell phones first came out, not everyone had one; now my 5 year old plays with an old cell phone -time changes all things
Todd Howard (1 месяц назад)
50% virgins drive electric cars. 50% CHADS AND BOOMERS drive a real car like a V8 cadillac. Perfectly balanced, as all things should be.
Eben A. (1 месяц назад)
Oil sands are horrible dude Google it. Destroies ecosystems
Matt Arnold (1 месяц назад)
I hope eco-mentalists choke on their own smug if they kill the oil industry!
Greg Hamilton (1 месяц назад)
Great now we can all complain about lythuim mining.
dillondecal (2 месяца назад)
Y’all are underestimating S curves. Mark my words, ICE engines will die in less than 20 years.
ericmarseille2 (2 месяца 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.
Kh Na (1 месяц назад)
+ericmarseille2 and certenly you did not hear about the 1 milion human being killed in irak by the hands of your honorable western armies, you didnt hear about the milions of human beings suffring in afganistan because of your respectful western armies, you dont now about the milions of palastines got out of there country because of your gloooorious israili army, please just dont talk about kiling and terorising because your soldiers are just the perfect creatures in doing that.
ericmarseille2 (1 месяц назад)
+Kh Na Obviously you don't know about the Bataclan and Charlie Hebdo...Peace man.
Kh Na (1 месяц назад)
+ericmarseille2 no one is going to kill but just behave your self and dont insult us if you dont min, we'r just talking without insulting, is that what you call civilisation and modern world?insult in your discussions??
ericmarseille2 (1 месяц назад)
+Kh Na As long as you don't try to kill me for what I think...Contrarily to here in France where I'd be killed for that by Muslim motherfuckers...Peace...
Kh Na (1 месяц назад)
+ericmarseille2 ok that's your side of thinking about us (as muslims) even if it's wrong
Jeffrey Small (2 месяца назад)
We have so much oil in this country and Canada oil companies just put a cap on it too inflate prices
Shawn Kovac (2 месяца назад)
this video is too old. info needs updated. a lot has happened in 2 years.
RockinJoeDavis (2 месяца 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.
Aryan Singh (2 месяца 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 (2 месяца 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 (2 месяца назад)
That is excellent news! Too bad it is too late.
CONTACTLIGHTTOMMY (2 месяца назад)
Look out Fossil Fuel Industry. Time is running out on you...faster than you think.
Danto Johnson (2 месяца 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.
aj lana (7 дней назад)
In 10-15 years in the future, there will be used electric cars on the market which won't cost so much.
Drivertilldeath (3 месяца 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 (3 месяца 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 (3 месяца назад)
I have a hybrid ...the future is electric..Arabs will have to go back to goat rearing
novola1972 (3 месяца назад)
The world is running out of cheap oil
John Diaz (3 месяца назад)
Research what else oil products.
Sompn Brurl (3 месяца 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 (3 месяца 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 (3 месяца назад)
Nibba airplanes still gonna use fuel
Simon Caron (3 месяца назад)
Ok.... Where's the electricity gonna come from?
Kevin Morrissey (3 месяца 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 (3 месяца назад)
Guaranteed the gov will increase the tax on fuel to compensate for the fall in price
ferkemall (3 месяца 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 (3 месяца 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 (3 месяца 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 (3 месяца 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 (3 месяца назад)
"... electric engines ...." (3:13) X^D
magnvss (3 месяца 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 (3 месяца назад)
Oh no fuel prices would drop
AMERICAN PATRIOT (3 месяца назад)
Hooe this happens soon then maybe well finally get out of the middle east and let nature take its course.....
sweiland75 (3 месяца 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 (2 месяца назад)
you know tesla is not the only one making EV?
Avishek Das (3 месяца назад)
they wont catch on until recharges are as fast as refuelling.
Susan Monty (3 месяца назад)
the earth thanks you
Raynus 1 (3 месяца 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 (3 месяца назад)
Some people are convertung their gas powered cars to electric. Look up Mustang 222
Chinie Chin Chen 陳小城 (3 месяца назад)
the electricity for the cars still come from oil
Faith Freedom (2 месяца назад)
still more efficient than burning it in your ICE car..
jonny777bike (3 месяца 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 (3 месяца 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 (3 месяца назад)
FYI, China is already using electric buses and taxis. Same for police cars too
No Name (3 месяца назад)
Oil companies are the reason why we all aren't already driving electric cars
Burke McAdie (3 месяца назад)
Dam no one likes gas on this vid
Blaze (3 месяца назад)
It does exist. The Tesla models
SpaceMan101 (3 месяца назад)
Well I'm glad I was born in time to see oil crash
Leroy Hill (3 месяца назад)
2040 50%
Chris Moran (3 месяца назад)
I wouldn't be so shure big oil just got one step closer to fucking up Tesla.
oldtiedyeman (3 месяца 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 (2 месяца назад)
+Faith Freedom Basic research, unlike 80% of this comment section....
Faith Freedom (2 месяца назад)
then what we should do?
John Gibson (3 месяца назад)
I do agree with most of this video, I'm not sure why he just dismisses peak oil.
yogendra dikshit (3 месяца назад)
Blackmailing by OPEC must be repulsed. Electric cars will end this bad business as support green initiative. Welcome.
Badabing Bodaboom (3 месяца назад)
Die oil and middle East with it
Nathan Zaremskiy (3 месяца 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 (3 месяца 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 (3 месяца 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 (3 месяца назад)
Screw the oil companies
Zayn (3 месяца назад)
This is why they’re going after Elon musk
The Arbiter (3 месяца назад)
Electric cars are kinda gay tho
Ring Dave (3 месяца назад)
yeah but as demand is reduce, Price of Gas is reduced, so Gas cars cheaper than electric. So long time, long time.
Emm (3 месяца назад)
Oil needs to die. Even if it hurts the Saudi economy, too bad.
Ishan Bansal (3 месяца назад)
3:10 India banned them from 2022 something so did China in 10 years all old vechiles will disappear
yash parmar (3 месяца назад)
I hope it comes sooner than expected otherwise we will leave earth sooner than expected
tejash patel (3 месяца назад)
Greedy demon bastards are crying rite now
Duc Vinh (3 месяца назад)
J J (3 месяца 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 (3 месяца назад)
"Oh Noooo" poor oil companies"....."Pfffttt" Bahh Haaa Haaaa!!!
S Campbell (3 месяца назад)
That's a lot of dreaming and hoping !
Ravi shekhar Rathore (3 месяца 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 (3 месяца назад)
What if there comes a 'self charging' EV??
Chris Torrella (3 месяца назад)
Aren't enough ling distance chargers for cars on road trips? You're kidding, right? Superchargers are a thing.
Adarsh (3 месяца назад)
Watching in 2018 and needles to say not many changes
Ryan Davidson (3 месяца назад)
2040 you predict 1/2 electric and half gas cars. That is 22 years away. That’s a long time, guy.
aysiiou (3 месяца назад)
Only solution, less cars. LOTS less Not electric
Harry Kier (3 месяца 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 (3 месяца назад)
maybe time to update this video with another???
ahmed ali (3 месяца назад)
This never take place in India.. Till Indian government moves from B TO C
Roger didit (3 месяца назад)
We'll be going to work with rocket backpacks.
N Singh (3 месяца 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 (3 месяца 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 (3 месяца назад)
If demand for oil decreases prices will too. Counteracting the effect. Common bloomberg thats basic economics.
Alla Soiko (4 месяца назад)
Thats it im buying a tesls
Alex Seiffert (4 месяца назад)
If we won't run 95% of cars electrically by 2040 we will have failed miserably. Oil needed to die yesterday.
StartledB0nny (4 месяца назад)
electric cars could wreak havoc on oil markets,smoke belching cars can create havoc on earths atmosphere.
Prathamesh Parikh (4 месяца назад)
Fuck oil. And I'm sure gonna enjoy the downfall of oil companies. Greedy bastards.
xxasifxx (4 месяца назад)
If we stop guzzling gas we make plastics cheaper
G F (4 месяца назад)
And where will all the extra electricity generation come from? Maybe petroleum?
Say What (4 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 (4 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 (4 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 (4 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 (4 месяца назад)
The video is about likelihood of EVs by 2040 and NOT about havoc on oil markets as titled.
Kennedy Wanjiru (4 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 (4 месяца назад)
Large ships will have to run on diesel due to stricter emission standards. Prices will stay high.
tejas tayade (4 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 (4 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 (4 месяца назад)
Can't wait to see the day... amen.
Kenneth Ferrer (4 месяца назад)
I don't want to buy an electric car. I want to buy an electric motorcycle.

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