BY PANOS PREVEDOUROS PHD – The MIT Review titles the infographic below: Electric Vehicles are Here to Stay.
The second reason is the affordable price of fuel, gasoline in particular. It will be priced at around $4 per gallon for a long time thanks to major forces that work against major price increases, such as:
- Hydraulic fracturing of fracking for natural gas extraction, which curbs the demand for oil by vast amounts. (In 2000 fracking yielded 1% of the natural gas production in the US. In 2010 it yielded 20% of the production. A breakneck acceleration in such a capital intensive industry thanks to my fellow Greek and father of fracking George Phydias Mitchell.)
- Sustained oil prices in the $50 to $100 per barrel make expensive explorations affordable, so a healthy supply of oil will be available to satiate the increasing demands of the developing world.
- Substantially decreased demand for gasoline due to the popularity of high mpg vehicles (CAFE requirements and sales success of hybrids and plug-in hybrids; can’t buy a Hummer anymore.)
- Less travel due to persistent high unemployment and mega economic downers such as debt, deficit, bankrupt cities and countries, and looming pension and health care social costs in the US.
- Continued public and private investment in renewable sources of energy.