Seeking Alpha author Kirk Spano joins Cheddar to discuss his view on the electric vehicle industry and how it relates to the demand for oil. He talks about fracking and the "peak" of the oil plateau. Spano suggests that fracking is done accelerating and will most likely only produce 10-11 million barrels a day moving forward. He believes the takeover of electric vehicles may not happen as soon as people expect. He doesn't see families giving up their cars and dropping everything to go electric. He predicts 1 billion EVs will hit the road by 2040. Additionally, Spano believes oil prices will rise a bit and worries that war may drive up the demand.

Share:
More In Technology
Shopify Opens Up New York Hub for Entrepreneurs
The e-commerce company opened Shopify New York on Thursday, a community workspace aimed at helping entrepreneurs. Cheddar's Michelle Castillo takes a deeper look at the Manhattan location.
Biden Seeks to Boost Fuel Economy to Thwart Trump Rollback
The Biden administration wants automakers to raise gas mileage and cut tailpipe pollution between now and model year 2026. It also has won a voluntary commitment from the industry that electric vehicles would make up roughly half of U.S. sales by 2030.
Load More