Oil Is Going To Take A BIG Hit - CleanTechnica

The article from CleanTechnica discusses the impending significant disruption to the oil industry driven by the rapid rise of electric vehicles (EVs). Although the current automobile fleet remains predominantly powered by oil-based fuels, the share of new vehicle sales that are plug-in electric vehicles has surged from 10% to 25% in a short time, with China recently surpassing 50%. Given China's large role in the global auto market and its aggressive push to sell EVs worldwide, especially in developing countries, the global EV sales rate could quickly reach and exceed 50%. This accelerating transition threatens to substantially reduce oil demand in the near future. The author emphasizes that while the oil industry has not yet felt a major impact, the disruption is imminent and may already be starting to show. Over the coming decade, sustained growth in EV adoption will erode oil’s dominance as the primary economic and political force globally. The article predicts a future of independence from oil’s "fierce, ruthless grip," leading to profound