Self-Driving Cars Will Kill Things You Love (And a Few You Hate) – Bloomberg

Rapid adoption of electric vehicles could mean oil demand peaks in just 12 years, according to Bank of America Corp. That would send shockwaves through an industry that’s counting on consumption growth for decades to come. Some major producers, such as BP Plc, are already acknowledging the possibility that some oil resources will never be needed.

This scenario raises difficult questions for Saudi Arabia, which has more than 70 years of crude reserves and hopes to achieve a IPO valuation of more than $1 trillion for its national oil company later this year.

Source: Self-Driving Cars Will Kill Things You Love (And a Few You Hate) – Bloomberg