Oilsands Face Deep Trouble As ‘Death Toll’ Rings For Gasoline
The age of gasoline could be over sooner than many people think, a recent report from one of the world’s largest banks predicts.
The report from French financial giant BNP Paribas
estimates that the market price of oil will have to fall dramatically
in the next decade or two, or the industry risks losing its entire
ground transport customer base.
“The
oil industry has never before in its history faced the kind of threat
that renewable electricity in tandem with electric vehicles poses to its
business model,” wrote Mark Lewis, global head of sustainability
research at the bank’s asset management division.