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EVs Will Decimate Big Oil. Even Without U.S. Tax Credits.
Electric vehicles are already displacing millions of barrels of oil per day globally. Oil demand is expected to fall spectacularly over the next decade.
For starters, the bill ends the federal tax credits for clean energy programs such as solar, wind and electric vehicles years ahead of schedule. Climate scientists and environmentalists have warned that the bill could seriously harm air quality, jeopardize public health and accelerate planet warming by encouraging more fossil fuel use. But according to research firm BloombergNEF’s Electric Vehicle Outlook 2025, there’s still some reason for optimism: EVs are expected to continue displacing millions of barrels of crude oil each year.
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