According to Stanford economist, Tony Seba through his study released recently envision that the global oil business will end as soon as 2030.
The study published by Stanford University says that fossil-fueled cars will vanish within eight years and the people who want to buy cars will have no choice but to invest in electric vehicles or vehicles working on similar technologies.
Tony says that this is because the cost of the electric vehicles; which includes cars, buses and even trucks will decrease and this will result in the collapse of the petroleum industry.
Titled ‘Rethinking Transportation 2020-2030’, the study details how people will ultimately switch to autonomous electric vehicles, as they will eventually be ten times cheaper to maintain than cars that run on fossil fuels and have a near-zero marginal cost of fuel.
He goes on to mention that electric vehicles will have a life span of 1 million (16,09,344 km) miles and in comparison, fossil fuel based cars have a lifespan of just about 2 lake miles (3,21,000 km approximately)
He goes on to suggest that in less than a decade consumers will find it difficult to search for petrol pumps, spares and even mechanics who have the knowledge of internal combustion engines.
Finally, he says that modern-day car dealerships will disappear by 2024 as the long-term price of oil falls to $25 USD a barrel. He even says that there will be a ‘mass stranding’ of existing vehicles.
The study has to be coordinated with emerging changes happening in industry across countries.
Car companies like Audi, Volkswagen, Mercedes-Benz and even Volvo have already started working on autonomous technology and electric cars and probably the ‘no internal combustion engine scenario’ has been already envisaged by them.
Countries like Norway moving towards pushing out cars with an internal combustion engine in the next decade.
In fact, India too is looking at introducing norms which will see phasing out petrol and diesel cars by 2032.
Did not Digital cameras thrown out working on the film almost immediately ?
Did not IP technology thrown out Telegram, Telex, Fax almost immediately ?
It was swift and brutal and we expect something similar to happen to Internal Combustion Engine Transport vehicles sooner.
From that stage one can envisage using IP technology cars may communicate amongst themselves like how current computers communicate across globally.
This remains us the slogan "change the only unchangeable universal law of human kind".
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