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Are oil companies worried about electric cars?
All my neighbors are getting electric cars, and my local dealership says that electric cars are the future. Does this make oil companies nervous that their product won’t be necessary soon? Are oil companies worried about electric cars?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Electric cars
are everywhere, and are taking a bigger piece of the market all the time. The debate about whether electric cars are a threat to oil depends on who you ask. Some predictions hold that demand will drop more than 25% in the next 30 years. Others say that the high cost of electric vehicles will prevent many drivers from making the switch, and that big oil can continue to rely on those customers.
However, with electric vehicles becoming more popular than ever it’s understandable that oil companies can see the writing on the wall.
Oil and gas companies are fighting against electric vehicles, lobbying against more accessible electric charging stations that would make electric vehicles easier to buy for consumers. In more than 10 states, oil companies are doing whatever they can to disrupt plans to build charging stations for electric vehicles.
This is much like in 1990’s, when electric vehicles first started making a splash and were quickly squelched by oil companies.
Even though oil companies may be trying to head off an electric vehicle takeover, insurance companies know that electric vehicles are here to stay. You may qualify for insurance deals if you own an electric vehicle. Head over to
Jerry
to see how you can save on your insurance.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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