LMAO wrote:California and New York have passed laws banning all sales of gas vehicles by 2035, and I'm pretty sure no other state has laws at all. Good luck getting Texas to jump on board unless Congress passes a national law. I know Canada is 2040 and Quebec is 2035 like California and New York. Can't speak for any other countries.
Here in the US, more than 70% of oil use is for transportation (65% for personal vehicles). Oil demand is eventually going to decrease (will peak oil be in 2030? 2040? later?), but oil dependency will be around for a long time to come. We're still going to need oil for tires, lubricants/grease, pharmaceuticals, computers, plastics, etc. until chemists develop alternative manufacturing methods that scale.
That's still according to your figures a 70% loss of demand.
Of course we'll always need oil in some form or other but a 70% decrease in profits is industry changing / defining, billions will be lost, the demand just won't be there, global personal transportation will be gone from the oil companies customer base.
Royal Gooner wrote:People will just buy loads of diesels in 2029 and it's only new ones that are banned so people will be buying used cars or importing them. Plus hybrids get banned 5 years later so people will just scramble for those.
.......... and how long is that going to last?
People want newer cars, in a short amount of time, unless you want to buy a 10-15 yr old car with the milage and parts need updating on it people will be very quickly phasing into to buying Electric cars, the Gov may even increase road tax for petrol users in fact, mark my words that is on the cards almost immediately, they'll make it doubly expensive to have a petrol car.
No point resisting this one, by 2040 petrol cars will be getting well and truly phased out on the roads forever, the entire structure for re-fueling will be set up for Electric.