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What happens to Venezuela when electric cars become more widespread?
I have heard that Venezuela has large oil reserves, so I’m wondering if the country is concerned about the influx of EVs like exporters in the Middle East. What happens to Venezuela when electric cars are more widely adopted?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Contrary to popular belief, despite the fact that the Middle East is one of the main exporters of oil, Venezuela has the world’s largest oil reserves. In a world that has historically been dependent upon oil and natural gas, and hence the mining and extraction of it, the country won the geographic lottery.
Despite its oil-rich location, the country has been undergoing economic turmoil. Droughts and low water levels threaten to wreak havoc on its hydropower system. The country hoped to export most of its oil (which is why it is powered mostly by hydro), but with the current sanctions on its export of oil, the future is a bit rocky.
An influx of
electric cars
is not likely to help the situation as a CNET
report showed that up to 80% of gas stations could be unprofitable in the next 15 years. If you’re uncertain about your car insurance,
Jerry
can help. Jerry is the number one car insurance comparison app that will provide you with the best deals for your lifestyle. View full answer
- Gregory R.
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