Oil Industry Death Spiral
Obviously, we shouldn’t expect what’s pictured here to be the norm, if for no other reason than even fast charging takes longer that anyone would want to stand around in what used to be a gas station. Yet at the same time it’s a reminder of the transition from petroleum-based to electric transportation.
We need to expect this transformation to be quite bumpy in nature. As the demand for gas and diesel falls, the numbers associated with the industry are going to be increasingly unappealing, spiking, at some point, an exodus. The crashing supply will hike prices, driving an even faster shift towards electric.
It’s akin to the so-called “death spiral” of the electric utilities at the hands of rooftop PV.