PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How can OPEC impact electric cars and geopolitics?
OPEC controls much of the world’s oil supply, but how will the organization adapt to electric cars, and will this transition from ICEs to EVs cause a shift in geopolitics?
Jason Crosby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
This is a great question, one with a somewhat complicated answer. In short, OPEC will continue to control much of the world’s oil supply, but for them, the next 10-15 years will be crucial. The organization predicts oil consumption to peak in the mid 2030s, which will allow them to spike the cost of oil, even with the rise in popularity of
electric vehicles
. While GM and other manufacturers have pledged to halt ICE production around the same time, there will inevitably be ICE cars, trucks, and SUVs on the road in 15 years, unless emissions standards
and other restrictions intervene. But even though OPEC will have a strong grip on oil prices for nearly another two decades, beyond that, it’s hard to predict what will happen next. OPEC does foresee an eventual decline in the use of oil, which would cause prices to plummet. But as to whether the organization will find another use or resource to control remains to be seen. Unfortunately, estimates only predict 8% of drivers around the world relying on EVs by 2040, but the U.S. might be ahead of the curve.
You can get ahead of the expensive car insurance curve by downloading
Jerry
today. In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one upon request. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies