RE:RE:RE:RE:Biden says no more fossil fuels. I think you meant to say nearly doubled in 15 years... but to be sure, big oil is hoping for a big tobacco kind of landing.
However let's not forget that while gas vehicles nearly doubled in 15 years, EV sales have nearly doubled in a single year. Yes, they represent a small share of the market still, but sales are growing at a rapid pace.
The single largest potential car market in the world, China, has been leading the way. China owns 99% of the world's electric scooters, or almost 250 million vehicles. Bloomberg estimates that the lifetime cost of electric buses will become cheaper than regular buses within 3 years, with taxis not far behind.
Even in the US, EV sales have been growing at an exponential pace, increasing by 79% for plug-ins in 2018.
But the real kicker is policy. More and more countries have EV favourable policies and goals, set to encourage sales of EVs and tax gas-powered vehicles.
And it's not just electric vehicles. Many large funds and institutions have decided to ween themselves off investments in fossil fuel stocks: La Caisse de Dpt et Placements du Qubec has reduced them by $3billion over the last 7 years, Norway's Sovereign Wealth Fund is set to divest itself of $7.5billion in oil and gas companies, less than previously announced, but still a large amount of money... etc. There are many, many more.
This isn't meant to be doom and gloom, the sky is falling... I own a variety of oil and gas related stocks (ENB, CJ, VET, ALA) so I'm not panicking. I can just see the writing on the wall that oil at $100 is rather unlikely to be seen again, countries and private funds will be investing less and less in oil ventures, and so future growth is going to be negatively impacted. We can expect more and more pressure on policy makers such as line 3 and 5 protests, and more and more substantial environmental impact studies being requested. Things are getting harder, and I, personally, don't believe that will change.
tradewindsblow wrote: @ygggdrasill said roughly " The era of big oil is done " Below is the vehicles produced by year they have doubled in just over ten years and a very small amount of them are electric and even a smaller amount run on electricity from solar/wind or nuclear. Don't believe the hype the world population will hit 10 billion soon enough and their thirst for cheap energy as they emerge out of poverty will be vast. cars produced in the world by year : 2016 72,105,435 2015 68,539,516 2014 67,782,035 2013 65,745,403 2012 63,081,024 2011 59,897,273 2010 58,264,852 2009 47,772,598 2008 52,726,117 2007 53,201,346 2006 49,918,578 2005 46,862,978 2004 44,554,268 2003 41,968,666 2002 41,358,394 2001 39,825,888