No one could ever thought that electric cars will one day replace the gasoline cars. There are so many transformation over two decades on technologies where electric power is highly used. Because technology is adopted in most countries, there is decline in gasoline demand in those countries. Since lots of people are nowadays demanding electric cars, it is an indication that there will be change in long term oil price forecast and you can check it out!
As most countries will be recovering from the global pandemic, the long term oil price forecast suggests that, discover more, there will be doubling of the prices. Some countries will get to experience uncertainty on gasoline prices as electric cars will be demanded in large numbers by 2025, click for more here. The other thing that is used in forecast here is the ban of gas powered cars in the UK as that will affect the prices of oil.
There are also short term factors that makes the prices to rapid increase such as the economic development, oil supply and political events.
The cost parity will be attained by the 2025 between electric cars and gasoline cars here! The competition on pricing is high and this is causing tension to most car manufacturing companies. The cost the gas powered cars will use in a mile will be covered by the electric cars in less than a half the cost incurred and you can view here! There are countries where the price of gasoline is quite high and with that concern the demand for electric cars is at the peak.
Environmental conservation is the global idea and that has led to so many car manufacturing companies to adapt the idea and use materials that are sustainable to the environment, view here. The demand for electric cars has increased since these cars are good when it comes to sustainability and also cost effective. This global car transformation to electric cars has led to oil companies like shell, total and others to purchase electric charging companies.
It is estimated that by the year 2040 world electricity will be derived from renewables. People have turned to use of solar power because is less expensive and with that concern fossil fuel electricity is less used. There is need to do research on the cost of production that seems to be reduced as that helps a lot in decision making and price estimations.
The use of electric cars will eventually take over the market, and this will lead to decline on long term oil price in the future as more people will prefer using electric cars than gas powered cars.