Although we have been hearing for some time now that electric cars will eventually threaten the oil industry, Financial Times has cited Fitch's recent report claiming that an oil industry "death spiral" is imminent, due to the rise of electric vehicles.
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Many people continue to side with "Big Oil" and aren't yet willing to admit that this is bound to happen, sooner than later. The Fitch report reads:
"An acceleration of the electrification of transport infrastructure would be resoundingly negative for the oil sector's credit profile … In an extreme scenario where electric cars gained a 50 per cent market share over 10 years about a quarter of European gasoline demand could disappear."
The report goes on to emphasize phrases such as "investor death spiral", "serious threat", and "resoundingly negative" impacts.
This is all in reference to the scenario that Fitch provides; a scenario in which investors pull monies from oil-related companies, making loans more expensive. It would result in a downward spiral, during which even having gas powered vehicles still on the road would make no difference.