[DesiLurker]

this is not even remotely true, the only reason US is a net oil exporter is because combination of high oil prices & cheap money has created an artificial support environment where unprofitable stuff like shale oil can survive. take some of these factors out and add demand destruction (even as low as 5%) from EVs and you are back to wildly fluctuating oil prices with no end in sight because every year the problem will be incrementally worse.

if there is one takeaway from all this it is there are very few oil producers that are profitab;e above $50/bbl and US ain't one of them.

[chasd00]

isn't not being dependent on fossil fuels the goal? If EVs cause demand destruction for oil then that's good no? The more oil left unburned the better, i thought that was the point all along.

who cares about wildly fluctuating oil prices if your country is no longer dependent on oil.

[DesiLurker]

Oh I strongly agree about need of moving away from oil, I was just addressing the oil shock remarks parent made. I do worry about the compensatory behavior in non-ev addressed markets (like aviation, energy, food etc) just because oil prices are temporarily low after EV demand destruction. this is why I feel its best to start removing all fossil subsidies at the first chance we get because we may not want a distorted price signal to exist for any longer than it has to.