First the crashing of the economy, now oil what’s next the rapture, not hardly
In an article titled “ Another oil crash is coming, and there may be no recovery ” written by Tom Randall for Bloomberg News, it is reported that “ In the next two years, Tesla and Chevy plan to start selling electric cars with a range of more than 200 miles priced in the $30,000 range. Ford is investing billions, Volkswagen is investing billions, and Nissan and BMW are investing billions. Nearly every major car maker —as well as Apple and Google—is working on the next generation of plug-in cars. This is a problem for oil markets. OPEC still contends that electric vehicles will make up just 1 percent of global car sales in 2040. Exxon's forecast is similarly dismissive. The oil price crash that started in 2014 was caused by a glut of unwanted oil, as producers started cranking out about 2 million barrels a day more than the market supported. Nobody saw it coming, despite the massively expanding oil fields across North America. The question is: How soon could electric v...