Big oil has accepted that the future is going to be electric vehicles. Today BP has 6,500 places to plug in the UK and will be instaliing ultra-fast charging points on BP forecourts during 2019. Shell is buying up big electric companies. They see the writing on the wall: there is going to be a glut of oil and refined fuels that is going to erode margins and force all kinds of unwanted change in the fuels market over the next 20 years. Better start adapting now or die a slow death. Change is hard and the market could give a damn.
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The EIA report is rather interesting if taken as a supposed bipartisan review.
https://www.eia.gov/outlooks/aeo/pdf/aeo2019.pdf
More evidence the world is going to electrification and the oil companies know big time changes are coming to the fuels market. Shell just announced the following:
"Royal Dutch Shell is making a bet on home battery storage as it tries to boost its sustainable energy business. The oil giant announced Friday that it has purchased Sonnen, a German startup that makes residential battery systems that store energy generated from solar panels. The move puts Shell in direct competition with companies such as Samsung (SSNLF), LG (LPL) and Tesla (TSLA), which makes a home battery system called the Powerwall."
https://www.cnn.com/2019/02/15/tech/shell-sonnen-home-batteries/index.html
Shell just purchased the maker of residential home batteries. Who saw that coming a few short years ago...? Strap in boys and girls, its going to be a rough transition.
Shell just made another move in the EV space. "As part of efforts to compete with rival BP in the growing EV sector, Shell this week bought U.S. charger provider Greenlots, a supplier for Volvo and Volkswagen’s U.S. subsidiary as well as for utilities and residential sites...."
There's your opinion and there's what is actually happening. Here's the link...get on board.
https://www.reuters.com/article/us-shell-electric-vehicles-greenlots/shell-open-to-carmaker-partners-in-ev-charging-expansion-idUSKCN1PQ5MA?utm_source=applenews
What all of you have forgotten is everything is made from oil. Plastic is a Big one, and lubrication are just two of many. There will always be a dependency on oil
It’s obvious you blunt instruments weren’t hired for your brains.
If you are that far into denial that you can't acknowledge electric vehicles are going to drastically change the future of the fuel market due to a decrease in demand, then there is no point in responding further until you get your head out of your a$$. The 4th Industrial Revolution has started and without you.
Nearly half of electricity production and most heat is natural gas, and the LNG network for vehicles is ready for mainstream as of last year. The UK's near term future is gas, which has done more to reduce CO2 emissions than every renewable tech combined, so much that the carbon trade market is worthless.
Gee, and how does the UK produce electricity genius.