Wind and solar power as well as electricity used by electric cars will produce seven times more useful energy than gasoline-powered vehicles with the current oil prices, according to a report by BNP Paribas quoted by Bloomberg.
Over the long term, oil prices will fall to $9-$10 per barrel – only in this case gasoline will keep up with electric energy for cars. For diesel fuel to withstand competition, oil must be at $17-$19 per barrel. The current oil price reached $55, which is relatively low compared to the peak value of $140 per barrel in the late 2000s.
“These are stunning numbers, and they suggest that the economics of renewables in tandem with EVs are set to become irresistible over the next decade,” states BNP Paribas in its report.