What Big Oil Doesn’t Want You to Know About Electric Cars

Jeff Siegel

Written By Jeff Siegel

Updated May 15, 2024

Last week, I read the following paragraph from Reuters:

The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron Corp. said its annual profit doubled for 2022.

While I’m no Big Oil apologist and, quite frankly, have long railed against the Big Oil machine’s influence in Washington — which has left our borders and economy vulnerable to the will of psychopathic dictators and congressional hustlers — if oil companies chose to use their profits to reward shareholders instead of boosting supply, isn’t that their call?

As I noted a few weeks ago, typically, when oil prices soar, oil and gas companies increase production. But last year, when oil prices got as high as $130 a barrel, most oil and gas executives said they weren’t interested in increasing production. Price didn’t matter, as oil and gas executives have gone on record saying that they wouldn’t increase production at any price because of investor pressure to maintain capital discipline.

Big Oil has never been known for “capital discipline” because, until recently, it was never an issue. After all, as long as internal combustion vehicles monopolized personal transportation, there would never be a reason to worry about such things. As long as demand exists, so does supply.

But now, with internal combustion vehicles becoming much more fuel-efficient and the rapid growth of the electric vehicle market, oil companies can no longer spend money like drunken rappers on video shoots.

And they know it.

According to IHS Markit, as a result of the electric vehicle revolution, by 2050, oil demand will fall by 25% and I think this is a conservative estimate.

While it’s easy to fall into the trap of believing that electric vehicles are simply a fad facilitated by overzealous tree huggers and Democrats, electric vehicle adoption rates tell a very different story.

The truth is 10 years ago, electric vehicles didn’t even represent 1% of total car ownership. Today, it’s 10%, and Bloomberg data shows that by 2030, more than half of all vehicles sold in the U.S. will be electric. 

This isn’t to suggest that Big Oil is doomed.

The transition away from internal combustion to vehicle electrification will take decades. To suggest otherwise would be foolish.

Equally foolish is criticizing oil companies for rewarding shareholders.

Instead of putting Big Oil on blast for making fiscally sound decisions, perhaps the Biden administration should just allow the market to evolve naturally, which is clearly already happening. 

And understand, we’re still in the earliest stages of this transition too.

In fact, the electric cars we’re driving today will look like relics of the past in another 10 years.

Ten years from now, electric vehicles will see more than a doubling of range, moving from a standard of around 200 miles per charge to 450 miles–500 miles per charge. 

They’ll charge a lot faster too. We’re talking about going from hours to minutes to get a full charge.

And in some cases, they won’t even need to be plugged in to recharge the batteries. 

There’s one company right now that’s developing an electric vehicle that can run solely on solar power, with highly efficient solar cells integrated into the body of the car.

This isn’t science fiction, folks. It's happening right now.

In fact, the company behind this highly disruptive solar-powered car already has more than 44,000 pre-orders, which are equivalent to net sales volume of about $1.09 billion. That’s billion with a B.

It’s absolutely amazing how far we’ve come in just 10 years…

We've gone from having hardly any electric cars on the road to electric cars having 10% market share today. And in another 10 years, more than half of all new vehicle sales will be electric, with some of those never even needing to be plugged in; they’ll be powered by the sun. And here’s the best part…

The price tag for one of those solar-powered vehicles is about $40,000.

Not even Tesla can deliver this kind of technology and at such a low price.

This is a game-changer of epic proportions, so I put together this short investor report on this company, its technology, and, of course, details on how you can actually buy shares of it on the open market today

I encourage you to check it out now.

Even if you’re not particularly interested in electric vehicle technology, I think once you see the numbers on this thing, you’ll understand just how profitable this company could become and invest accordingly.

To a new way of life and a new generation of wealth…

Jeff Siegel Signature

Jeff Siegel

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Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.

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