Could electric car demand crash the world’s oil market?

Bloomberg projects the demise of the world’s oil markets by 2040

In this video, Bloomberg’s Tom Randall does the math on when oil markets might be headed for the big crash. I think that the added factor of combustion engines becoming more efficient through the use of lighter materials and technologies such as start-stop control, turbo and supercharging as well as variable displacement engines will likely accelerate this estimate and I contend the we may be witnessing the collapse of the oil market today.

In the coming months and years we will see if the price of oil recovers at least in part or if energy efficient  gasoline engines , hybrid plugins and electric cars cause a permanent crash of the world’s oil markets.