Good morning! Welcome to The Morning Shift, your roundup of the auto news you crave, all in one place every weekday morning, but in particular this morning, which is when you’ll read these necessary pieces of information. 1st Gear: Oil Sees An Electric Problem Automakers want you to evenually worship at the altar of electric vehicles, which, believe it or not, has a very strong upside. And while EVs aren’t new, of course, there seems to be more momentum now than ever. That’s starting to give big oil companies the heebie-jeebies. Bloomberg explains: OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. to BP Plc also revised up their outlooks in the past year, according to a study by Bloomberg New Energy Finance released on Friday. The London-based researcher expects those cars to reduce oil demand 8 million barrels by 2040, more than the current combined production of Iran and Iraq. Growing popularity of EVs increases the risk that oil demand will stagnate in the decades ahead, raising questions about the more than $700 billion a year that’s flowing into fossil-fuel industries. While the oil producers’ outlook isn’t nearly as aggressive as BNEF’s,… Read full this story
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