Will the rise of electric cars lower the price of gasoline?

[YorkRd]

If more and more the fleet of cars are electric and cause a downfall in gasoline use and therefore a lower price for gas? I notice Republicans on Facebook struggle with this idea😎

[lagomorph777]

1. Probably. It will gradually become as irrelevant as whale oil.

[Hugh_Lebowski]

2. Well, it's a balancing act because 'just making less of it' is a strategy they often use

to offset downturns in consumption.

[ret5hd]

3. Maybe somewhat, but only to a point.

At some point, unit costs will increase as quantity decreases.

[brush]

5. Yes, it'll probably rise. But it'll be a while as the EV charging...

nationwide network isn't even built yet. And who knows if it will be since two DINO senators are stopping the BBB bill from passing.

And the millions of gasoline fueled cars are not going to just disappear any time soon.

[House of Roberts]

4. Will the rise of electric cars increase the price of electricity?

The more kilowatthours I use, over a set threshold, the more my cost per Kwh now.

[WarGamer]

6. lol... NO

It's a Global commodity and the demand is rising.

For every Tesla, Polestar or Bolt that hits the road, there are 100 (maybe 1000?) domestically produced Chinese or Indian cars that hit the road.

[Metaphorical]

7. Many competing factors

Electric Vehicles make up about 5% of the US fleet today, should be about 18% by 2030, and maybe as much as 40% by 2040 by industry estimates. This will cause downward pressures on oil prices to a point, but as oil prices fall, production tends to fall with it, so gas prices usually stay within a range of $40-$80. Storage and refinery capacity also have an impact. One of the bigger factors lately has been in the shift to remote work, which has significantly reduced gasoline requirements as well. My expectation is that oil is probably at the upper end of its range, and likely will drop down to the mid-$60s by spring.

[Klaralven]

8. Oil fields will exhaust faster than demand will fall. Crude prices will go up.

Higher prices could justify more exploration for new fields, e.g. deep offshore, and high Arctic. But the investments won't be made due to global warming policies.

Fracking in the continental US will decline due to high prices for steel due to tariffs on cheap Chinese drill pipe.