Tesla battery reserve in Australia is getting bigger, page-5

Well West Texas crude went negative $37 U.S a barrel today... which is kinda funny ....they pay you $37 bucks a barrel to take it off their hands as demand is so low they have nowhere to put it.

Trump is trying to prop the US oil market up by buying or perhaps taking millions of gallons into the strategic oil reserve.

Is this the death of big oil? I wish it were that simple..

Big oil is in a lot of pain, especially US big oil.

One of the many problems with oil is its been so integral to world economies for so long that when oil crashes it really hurts overall economies. Hence the ASX down.

The US is especially exposed because it has been relying on being a Net oil exporter (earner) over the last ten years and it has the highest production costs out of the big players. The Russians, the Saudis, The Iranians all have much cheaper oil.

Seeing some US oil companies go broke or go into a weakened position may increase the price of oil when it eventually recovers.
Which is good for EVs.

It may seem counter intuitive but expensive oil benefits EVs not cheap oil. Its not that hard to understand, cheap fuel makes ICE vehicles more attractive, expensive fuel makes EVs more attractive.

As we may see with Virgin airline perhaps disappearing and airfares going up, less competition (if US oil companies go broke for example) means less competition and higher fuel prices. Higher price of oil=good for EVS.

Oil market carnage, oil prices all over the place and no confidence and investment in oil is good for EVs too.

So its complex and hard to pick all the effects of fuel prices on the current economy as this all plays out.

I do know relying on oil is really dumb on so many levels. Not just the environment, imagine successive western governments allowing their countries to be dependent on a strategic resource like oil mostly controlled by Middle Eastern powers of all people in terms of stability and security.

Its madness.

The transition to EVs and renewable energy is critical to national energy independence and security.

These are turbulent times but EVs will continue to take growing market share as was previously predicted regardless what happens in the short term. A better product always takes market dominance.