Major bank: Oil is finished; EVs+renewables are 6x more cost-effective

“We calculate that to get the same amount of mobility from gasoline as from new renewables in tandem with EVs over the next 25 years would cost 6.2x-7x more,”

“EVs convert about 59%-62% of the electrical energy from the grid to power at the wheels. Conventional gasoline vehicles only convert about 17%-21% of the energy stored in gasoline to power at the wheels.”

The BNP Paribas report calculates that, for oil to be competitive with renewables and EVs, the industry would need to be able to extract oil at a cost of $9-10 per barrel. In fact, most of the oil industry’s currently planned investments are based on a price of $60 per barrel.


About groundswellbasscoast

This is on behalf of local climate change group. Material is selected by Bernie McComb and does not necessarily represent opinion of whole group.
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