If electric vehicles become cheaper with time, what impact will it have on economies of oil-rich countries of the Middle East? Devastating, if they don’t adapt fast enough and invest in their future. However, the decline will be fairly gradual before plateauing and will take a decade, maybe even longer.
Not so fast…
A lot of people think of this change as happening overnight, but there are several factors that people need to take into consideration. Transition to electric transport won’t happen immediately and will take several years. The electric car industry as a whole is in it’s toddlership right now.
And it is important to understand the time frame of the change in order to understand how it will affect oil producers. Read more.