Goldman Sachs: Electric vehicle development will hit the oil industry

In a newly released research report, Goldman Sachs Group industry analysts predict that the development of global electric vehicles by 2030 may cause the oil industry's annual annual revenue to fall by $1.9 trillion. The report pointed out that among the many sub-sectors of the petroleum industry, the petroleum processing industry may lose the most, and may also be the first industry to be affected. Before 2026-2029, companies engaged in oil processing will lose market share of 6% to 8%, and the entire industry will earn less than $93 billion annually. In addition, Goldman Sachs analysts predict that by the year 2100, there will be three levels of possibilities for future global warming. The global market share of electric vehicles in these three possible scenarios is predicted to be 6.6%, 10% and 15% respectively. The battery cost of electric vehicles will drop from $220 to $165 to $110 by 2020, and by 2030 the price will even fall to $73. The report analysis also shows that the future development of electric vehicle manufacturing will seriously affect the demand for oil. By 2030, the daily demand for oil will be reduced by 2 million barrels, 3 million or 4 million barrels. By 2030, the price of oil per barrel may fall by $1 to $4 from the current level.

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