Just a random musing. As EV’s become more popular, means less gas being used, means potentially lower prices since supply of gas should increase? Or do they just cut production and keep prices the same.
Wondering what will happen in the long term.
Just a random musing. As EV’s become more popular, means less gas being used, means potentially lower prices since supply of gas should increase? Or do they just cut production and keep prices the same.
Wondering what will happen in the long term.
Prices may go down or level off in the short term. However as demand drops, there won’t be enough volume to sustain the infrastructure overhead for oil mining and refining. They need a minimum volume to be profitable. As demand continues to drop, some of them will be forced to close down, which reduces supply, which raises prices. Eventually oil will be more of a niche product where specialty suppliers charge high prices.