EVs are starting to make a dent in the market place and oil demand is dropping because there are fewer cars on the road that use it, combined with the fact that the holiday travel season and its predictable effect on demand have ended
But it’s possibly a factor in the minds of executives who decide if it’s a good time to squeeze for more profit. They might have decided higher gas prices will push more people into buying ev which will fuel further infrastructure spending leading to a steeper adoption curve thus lower long term profits for oil companies.
puts on plastic wrap hat
EVs are starting to make a dent in the market place and oil demand is dropping because there are fewer cars on the road that use it, combined with the fact that the holiday travel season and its predictable effect on demand have ended
EVs still make up ~3% of new car sales and ~1% of cars on the road. Seems unlikely.
But it’s possibly a factor in the minds of executives who decide if it’s a good time to squeeze for more profit. They might have decided higher gas prices will push more people into buying ev which will fuel further infrastructure spending leading to a steeper adoption curve thus lower long term profits for oil companies.