“A 'Tesla Effect' is starting to be felt in the oil markets.”

The oil industry may decline like coal has

#Companies

Mon, May 13th, 2019 12:51 by capnasty NEWS

Comparing the sudden decline in coal Teslarati believes that big oil will soon feel the same pinch as more and more car manufacturers respond to consumer demands by producing electric vehicles.

Paul Sankey of Mizuho Securities previously mentioned that a “Tesla Effect” is starting to be felt in the oil markets. According to the analyst, the Tesla Effect is an increasingly prevalent concept today which states that while the 20th century was driven by oil, the 21st century will be driven by electricity. This, together with the growing movements against climate change today, does not bode well for the oil industry. Adam White, an equity strategist at SunTrust Advisory, stated that investors might not be looking at the oil market with optimism anymore. “A lot of damage has already been done. People are jaded towards the industry,” he said.

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