---
title: "Electric Cars Could Cost the Oil Industry Hundreds of Billions of Dollars by 2025, Report Claims"
description: "And by 2050, EVs could take up 69 percent of the transportation market-which could mean big trouble for oil companies."
date: "2017-02-02"
modified: "2017-02-02"
authors:
  - name: "Aaron Brown"
    job_title: "Staff Editor"
    link: "https://www.thedrive.com/authors/aaron-brown"
url: "https://www.thedrive.com/news/7317/electric-cars-could-cost-the-oil-industry-hundreds-of-billions-of-dollars-by-2025-report-claims"
categories:
  - "News"
tags:
  - "Electric Cars"
  - "Oil"
---

# Electric Cars Could Cost the Oil Industry Hundreds of Billions of Dollars by 2025, Report Claims

![](<https://www.thedrive.com/wp-content/uploads/images-by-url-td/content/2017/02/gettyimages-512482990.jpg>)
*\<em\>www.thedrive.com</em>*

A rise in electric car popularity could unsettle the oil market and cause a drop of hundreds of billions of dollars from the value of fossil fuel companies within the next 10 years, *Bloomberg* reports.

If the number of electric cars continues to grow, the demand of around two million barrels a day of oil [could drop seriously by 2025](<https://www.bloomberg.com/news/articles/2017-02-02/electric-cars-could-cause-oil-market-disruption-on-par-with-opec>). This could lead to similar levels of an oil surplus like what the industry saw over the last three years, *Bloomberg* reports citing data from Imperial College London and the Carbon Tracker Initiative.

## Similar disruptions to the potential EV one caused a $100 billion-plus hit

An event like this would have a similar effect as what the world experienced after the fall of the U.S. coal industry that brought the value of European utilities down $108 billion from 2008 to 2013.

The situation could be worse than the oil industry's 2014-2016 slump that “wiped hundreds of billions off capex,” said Carbon Tracker Institute Spokesman Stefano Ambrogi to Bloomberg.

## It all depends how much market share electric cars can grab

Electric cars are on the way to taking up 10 to 21 percent of the transportation market by 2035, *Bloomberg* reports. By 2050, EVs could claim 69 percent of that same market, while internal-combustion vehicles could be at around just 13 percent.

## Author
Aaron was previously a contributing writer with Jalopnik and has also written for Business Insider covering cars. When he's not in the office writing the news, you'll probably find him thrashing a beater car around a RallyCross.

### Author social links  
[Instagram](<https://instagram.com/aaronmaxb>)  
[Twitter](<https://twitter.com/aaronmaxb>)