Trillions of market for oil based transport. Is the creative destruction of capitalism interested? Well yes. First EV are already winning market share from high profit gas cars because they are more fun to drive. So the auto industry is switching. Second the technology is evolving quickly. LFP batteries are cheaper and have a longer life and quickly displacing Li Cobolt. They have less range but more then enough for most use cases.
Many New battery technology in lab and pilot stages could improve price and performance 2X. Chances are good that one will emerge and win over the market.
It takes electric power to refine gas. To refine 4 gallons of gas takes the same electric power required to move an EV 100 miles. So replace gas car with EV the change in electric power grid demand is zero. We can run an all EV fleet with today’s electric grid.
Will industry build out EV chargers to make EV ownership cool? Already in progress.
Electric production with clean energy is cheaper than fossil fuel today. Which is why coal electric plants are closing before end of life.
And technology evolution in clean energy is progressing fast. Much faster then fossil fuel.
So cheaper, more fun to drive, makes investors lots of money, reduces money for Russian war machines and Middle East Terrorists. Why not embrace better?
By the way oil industry will milk the market so expect the price of gas to go up not down. The production of EV and clean energy products will be increasing but not massively fast so conversion in 1 or two decades.
Note this story is the same as semiconductors, computers, cell phones, internet services like cable, amazon…
Embrace the win, vote for folks who push for supporting a winning trend for better and cheaper.