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 will electric cars affect oil companies?
The EV industry seems like it's relatively independent of the oil industry. Will the rising number of electric cars mean the world won’t need them anymore? How will electric cars affect oil companies?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
This is a great question and one we get often. You’re right, the electric car industry seems to be fairly independent of the oil industry, so it is—in some ways— shifting the world’s fuel dependence away from oil. However many regions still use fossil fuel and natural gas for powering their electric grids so oil companies may not get the boot just yet.
EVs promise a decreased demand for oil for fuel, however, countries will need to amp up (pun intended) their electrical grids to sustain a surge in the demand for electricity. It takes a lot of energy to power one car, never mind an entire neighborhood or country especially.
A study by the
US Energy Information and Administration
in 2021 showed that 60.8% of the total US energy generation was from burning fossil fuels. This is still a high number, so oil companies are still in business for now. In the future, as many regions switch to renewable energy sources, the oil industry may have to take a back seat.
If you’re looking for a guaranteed way to save money on your insurance,
Jerry
can help. Choosing a policy can be a headache, but Jerry makes it simple. Skip the hassle and let Jerry handle it for you. Jerry users save an average of over $800 annually on car insurance!
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