MARK RALSTON via Getty Images A nighttime view of the Syncrude oil sands extraction facility near Fort McMurray, Alta., Oct. 22, 2009. The age of gasoline could be over sooner than many people think, a recent report from one of the world’s largest banks predicts. The report from French financial giant BNP Paribas estimates that the market price of oil will have to fall dramatically in the next decade or two, or the industry risks losing its entire ground transport customer base. “The oil industry has never before in its history faced the kind of threat that renewable electricity in tandem with electric vehicles poses to its business model,” wrote Mark Lewis, global head of sustainability research at the bank’s asset management division. He described his estimates as a “death toll for (gasoline).” Watch: Porsche unveils its electric car, the Taycan. Story continues below. Unable to play video. HTML5 is not supported! Lewis’ analysis found that within a decade or two, oil will have to fall in price to around US$10 to US$20 per barrel to be competitive as a transport fuel. For comparison: Brent crude, the global benchmark for oil prices, has been trading at around US$58 per […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.