Oil Plunges to 1 cent a barrel!!!!!! WTF!!!! Getting gas tomorrow!!!![nbcnews.com]
If low prices encourage more oil burning, that's not good. On the other hand billionaires who made it on oil aren't as rich now, which I think is good. Tesla is disrupting the oil industry, but need many more gigafactories. I'm confused about the long term effects of this price plunge. I think the oil companies and ICE car manufacturers will survive, but maybe they will be weakened.
Electric cars will have an impact on oil use, but oil will still be used for industrial processes.