Electric Car’s Time to Shine???
March 9th, 2011 • Uncategorized
The recent spikes in the cost of crude oil have reminded the world as a whole how handcuffed it is by the cost of fossil fuel. The recent uprisings in the middle east (Libya) have triggered a sharp rise in the price of a barrel of oil. What people may not realise, is that the rise in oil prices is not so related to a shortage in supply of oil as it is speculation. Libya is only responsible for a small portion of the oil produced in the middle east, whereas Saudi Arabia, which is not currently in the amidst of an uprising, produces a very large, large portion. The reason the cost of a barrel of oil is so high is due to the perceived risk. As an uninformed consumer, I myself look at the mess in the middle east and can’t see it ending soon. In addition, I would then say if the prices of oil are so high mainly do to uncertainty, I don’t see them coming down soon as I’m certain the conflicts in the middle east aren’t just going to stop. This being, I begin to evaluate my own personal reliance on crude oil and how I can limit it. I am going to assume this is the thought process of many people.
In opposition to the negative impacts of rising oil prices, North America (mostly united-states), has began to recover from the recession. Spending has increased and the economy is improving. Now, assuming there s a large quantity of of people looking to lower their reliance on oil prices and who have a little extra spending room in their budget what happens? Demand for electric/ fuel efficient cars! So all car manufacturers should take advantage of the situation before their competitors do and start advertising.