For EV Automakers The Time Is NOW To Move On Big Oil - But Who Actually Will?

Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future.

With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels.

Looking ahead, cuts in capital spending forced upon energy companies as their revenues crumble could tighten supply enough to cause a spike in oil prices, making electric vehicles more attractive just as automakers ramp up production, analysts say.

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jeffgall - 5/19/2020 9:53:21 AM

+1 Boost

I think the move to work from home will have an adverse effect on the demand for oil in the U.S. You can see more and more companies make the decision to fully work remote, or partially, which will create less demand for transportation (commuting). This will have an impact on how often to buy a new car as well, as you will not utilize one as much, keeping annual miles down.

MDarringer - 5/19/2020 9:55:00 AM

0 Boost

Working from home creates all sorts of HR nightmares.

CANADIANCOMMENTS - 5/19/2020 10:48:40 AM

+2 Boost

One of the big 5 Banks in Canada has already said 35% to 80% of their workforce will become work from home in the near future. Others will follow. For sales, people who code and so many other roles, WFH makes a lot of sense. With 2-4 web check in's per week and remote monitoring software F500 firms all seem to be able to manage it.

People will still buy cars but they will likely hang onto them longer as they don't use them nearly as much. Working from home / taking the train to a office role, I have only driven 7,000km in the past 8 years. This will become more common as the years roll by.

MDarringer - 5/19/2020 11:34:24 AM

0 Boost

I wouldn't have expected anything less from the socialist fucktards north of the border who think Fidel Castro's bastard son is a good leader.

CANADIANCOMMENTS - 5/19/2020 6:40:17 PM

+3 Boost

When the facts don't support your argument, feel free to hurl insults. That always works well in a debate. :)

MDarringer - 5/19/2020 7:11:00 PM

0 Boost

(1) I taught you that response.
(2) You hurl insults 24-7-365, hypocrite.

ctsang - 5/22/2020 10:18:17 AM

+1 Boost

consumers hopefully