China’s EV Boom Threatens to Push Gasoline Demand Off a Cliff
China’s EV Boom Threatens to Push Gasoline Demand Off a Cliff
(Bloomberg) -- From Tesla chargers in the ancient alleys that surround the Forbidden City in Beijing to lonely highway rest stops with charging posts in the western deserts, signs of the electrification of China’s transport fleet — and the demise of gasoline — are everywhere.Most Read from Bloomberg...
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Bad news for Russia.
Also bad news for US: “drill baby, drill”! Oops
Worst of all, bad news for the environment, as US says “I told you so, plenty of cheap gas for my SUV”
Sorry, a bit frustrated with my fellow citizens
I'm confused, so if China reducing their oil consumption is bad for the environment, does that mean China burning more oil is good? Call me skeptical.
Demand needs to drop, that's always a good thing. Yes, in the short term prices may also drop and some dickheads will get a good deal, but prices will correct as the industry shrinks and production drops. The more demand drops, the less economical large refineries become, and we can finally enjoy the death spiral of a contracting industry.
There are other (better) ways to kill the industry like a carbon tax and banning production, but in the spirit of trying all of the approaches this is still positive.
US is way too big an oil consumer, way too slow on fixing it. Slowin it down even more is just bad, and we’re big enough polluters that it won’t just affect us