Is Big Oil planning its Funeral by ignoring the obvious?

Friday, July 28, 2017
By Paul Martin

By: Sol Palha, Tactical Investor
GoldSeek.com
28 July 2017

Many of the reports published that cover oil consumption and how quickly consumers will embrace Electric Vehicles (EV) paint a far rosier outlook for the future of oil than the facts dictate. The reason is simple; most of these reports tend to be written or sponsored by big oil and so they tend to be biased. We are not stating that this is the end of oil, but its glory days are probably behind it. One thing is obvious; the peak oil theory experts are and were always full of rubbish. In fact, we penned several articles over the years covering this issue the latest of which was titled “peak oil debunked”.

Factors against big oil

Battery prices are plunging

The most expensive component in EV’s boils down to the battery. Battery prices have been plummeting at a very rapid rate. In 2016, Bloomberg noted that battery prices dropped 35%; bear in mind that was at the beginning of 2016. Battery prices have continued to plummet since then; in fact, the latest survey illustrates that battery prices have dropped 80% in just six years.

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