Self driving cars will decimate the oil industry.
US households currently spend $1,900 a year on gas.
With 124.6 million US households thats $237 billion a year.
It will be much easier to have a self-driving electric car than a non-self-driving electric car:
1. The car can go charge itself while you do other things like eat or shop even if the charger is not onsite.
2. It will be easier and cheaper to share cars with other people as there is no driver cost for the car moving itself.
If I’m correct that self-driving cars will replace up to 50% of cars within 6 months of governmental regulation allowing fully self driving cars …
And we assume that 50% of those self-driving cars are electric …
Then, we have a 25% reduction in gas revenue in year one.
Thats $59 billion in losses.
In the first year.
Source for # of US households: https://www.statista.com/statistics/183635/number-of-households-in-the-us/
Source for household spend on gas: http://www.eia.gov/todayinenergy/detail.php?id=19211
^Day 200/90 146 words
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