Electric Vehicle Charging Electric cars hold the potential to destroy the oil business and save the electricity business. The big question now is when this will happen. Last year the world consumed about 93 million barrels of crude oil per day. About 42 percent of that, or 39.5 mmbpd, was used for transportation. In its recent price swoon, oil prices went from over $100 per barrel to under $30 per barrel with a production surplus of 2 mmbpd worldwide. How would the industry fare with a surplus that was seven times greater? Related: Oklahoma Oil Industry About To Lose Tax Rebates The central question here is the rate at which electric vehicles are able to penetrate the worldwide transportation fleet. Navigant Consulting has done some of the heavy lifting here and we use some of their data. They assume EVs displace a modest 0.3 mmbpd of crude by 2020, […]