Stanford economist and RetinkX founder Tony Seba predicts that the global oil business will end by 2030, forecasting that the electrification of transportation would turn fossil-fueled obsolete.
The study entitled “Rethinking Transportation 2020-2030”, 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. It presents an economic analysis of existing technologies by extrapolating data to come to the conclusion that days of petrol and diesel cars are counted.
The study also suggests there will be a quick transition from internal combustion engine (ICE) vehicles to autonomous electric vehicles because of key factors like cost and low maintenance. Electric vehicles will have a life span of a million miles in comparison to fossil fuel based cars with a lifespan of just about 2 lakh miles.
While suggesting we are on the cusp of one of the fastest and most consequential disruptions of transportation in history, it says by 2025 all new vehicles will be electric, collapsing the petroleum industry.
In addition to these, according to the study, job losses from driving will reduce income by $200 billion, and time freed from driving could increase GDP by an additional $1 trillion dollars by 2030.