OMG! The unthinkable nightmare for Petronas and Malaysia!
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FAIRFAX NZ
Petrol cars will be obsolete in 8 years, says US report
AMBROSE EVANS-PRITCHARD
Last updated 14:02, May 15 2017
Petrol-powered cars are set for the scrap heap in about eight years if a report out of the US is correct.
No more petrol or diesel cars, buses, or trucks will be sold anywhere in the world within eight years. The entire market for land transport will switch to electrification, leading to a collapse of oil prices and the demise of the petroleum industry as we have known it for a century. This is the futuristic forecast by Stanford University economist Tony Seba. His report, with the deceptively bland title Rethinking Transportation 2020-2030, has gone viral in green circles and is causing spasms of anxiety in the established industries. Prof Seba's premise is that people will stop driving altogether. They will switch en masse to self-drive electric vehicles (EVs) that are 10 times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1m miles … for more go to http://www.stuff.co.nz/motoring/news/92592333/petrol-cars-will-vanish-in-8-years-says-us-report
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OMG! The unthinkable nightmare for Petronas and Malaysia!
If the prediction is accurate, then the Malaysian federal government has no time to waste to prepare for the worst and reduce drastically its dependency on oil and Petronas for revenue.
“As I have consistently and regularly highlighted in my blogs and Facebook page, Petronas and Malaysia just cannot continue with business as usual because of the lightning speed global progress and development of the EV technology,” Gerakan Deputy Speaker Syed Abdul Razak Alsagoff said.
“About the only solution for Petronas to survive and remain relevant and viable in business is to diversify its business and operations. This, I have also stressed in previous blog postings,” he added.
Syed Razak said: “According to the CNBC report, 70% of oil is used for transportation. Does this also mean that there will be a drop of 70% in demand for oil when all Internal Combustion Engine (ICE)-powered vehicles are cleared off the roads?
“This is the potential reality that Petronas, Malaysia and even Proton must accept and start charting new business and product strategies so as to adapt and implement measures to remain relevant in business.”
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CC BY 2.0 Public domain/Flickr National Bank of Abu Dhabi: Even at $10 per barrel, oil can't match solar on cost Michael Graham Richard (@Michael_GR) Energy / Renewable Energy March 2, 2015 Game-over Some people might think that the recent drop in oil price is bad for the solar industry, that it'll slow down investment and reduce demand for clean energy. There might be some truth to that in the short-term, but the long-term trend is clear: Solar is going to take over the world. Why? Because of this: … for more, go to https://www.treehugger.com/renewable-energy/national-bank-abu-dhabi-even-10-barrel-oil-couldnt-match-solar-cost.html |
“This blog has also been highlighting regularly on the global motoring industry to educate and alert Malaysians on the importance to give more attention to the industry. Watch out for more highlights in this blog in this week,” he added.
This is the damning CNBC report on the future of oil:
"Oil will crash to $10 a barrel with electric vehicle revolution, strategist says
· Chris Watling, chief executive of Longview Economics, acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco's initial public offering (IPO) in the second half of next year.
· And when he was asked about Saudi Arabia's state oil group being launched on the international stock market, he replied, "Well I think they need to get it away quick before oil goes to $10 (per barrel)."
· Over the long term "what happens with electric vehicles is really, really important" given that around 70 percent of oil is used for transportation, he added.
Sam Meredith | @smeredith19
Published 7:06 AM ET Fri, 13 Oct 2017CNBC.com
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| Why the oil price will plummet to $10, according to one strategist 4:59 AM ET Fri, 13 Oct 2017 | 03:14 |
When looking ahead to 2018, Watling acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco's initial public offering (IPO) in the second half of next year. And when he was asked about Saudi Arabia's state oil group being launched on the international stock market, he replied, "Well I think they need to get it away quick before oil goes to $10 (per barrel)."
While Watling explained that he did not necessarily expect such an intense decline in oil prices over the coming weeks or months, he did argue that over the long term "what happens with electric vehicles is really, really important" given that around 70 percent of oil is used for transportation.
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Heinz-Peter Bader | Reuters
Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, November 30, 2016.
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"We forget don't we? I mean 120 years ago the world didn't live on oil. Oil hasn't always driven the global economy… The point is alternative energy in some forms is gathering speed (and) things are changing," he added.
The Longview Economics CEO forecast the price of oil would ultimately slump to $10 a barrel over the next six to eight years.
OPEC optimistic oil market rebalancing
On Thursday, the International Energy Agency (IEA) said the global outlook for oil markets in 2018 could put a dampener on hopes for higher prices. In its closely-watched report, the IEA said global stock builds, rising non-OPEC production and static oil demand could weigh on the oil price.
The IEA's latest monthly report was published amid optimistic forecasts from the major oil producer group OPEC, with the cartel arguing there was evidence of the global oil market rebalancing following several years of low prices.
The price of oil collapsed from almost $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production. OPEC's reluctance to cut output was also seen as a key reason behind the fall. But, the oil cartel soon moved to curb production — along with other oil producing nations — in late 2016.
Brent crude traded at around $57.39 a barrel Friday morning, up 2 percent, while U.S. crude was around $51.50 a barrel, up 1.8 percent."
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N.37 LET BUKIT LANJAN SOAR WITH SYED ABDUL RAZAK ALSAGOFF
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The book entitled 'Who moved my cheese' is the book to read. The petroleum industry.. among others.. must now diversify its resources to invest in green tech itself and think of new ways new uses for petrol..
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