New Delhi: According to a study conducted by a Stanford economist, Tony Seba, the global oil business will see its end by 2030 with electrification of transportation taking over the sector.
The study, which is published by Stanford University, also says that with a descending trend in the electric vehicle prices, the petroleum industry will soon collapse with the fossil-fueled cars vanishing within eight years.
Titled ‘Rethinking Transportation 2020-2030’, the study insists that besides being ten times cheaper than fossil fueled cars, the electric vehicles will have a life span of 1 million in comparison with the former’s life span of just about 2 lakh miles.
With difficulty in finding petrol pumps and spares of fossil fueled cars and the oil prices falling to USD 25 per barrel, the modern-day car dealership will also vanish by 2024, resulting in a ‘mass stranding’ of current-day vehicles.
Companies such as Mercedes-Bez, Audi, Volkswagen and Volvo are working on autonomous technology, electric cars and no internal combustion engine technology. Moreover, even countries such as Norway and India are looking at introducing norms to phase out petrol and diesel cars in a decade or two.