Comment by danaris

...No? It doesn't?

My point is not that if there are no more ICE cars, there will be no market for oil. It's that the portion of the market for oil that has, heretofore, serviced ICE cars is starting to disappear, and it won't be coming back, nor will it be repurposed to service anything else, to any significant degree.

The broader point is that, because of the environmental consequences, people all over the world are diligently working on ways to eliminate the other markets for oil. And they will also not be coming back.

Oil is on its way out, period. Not this year, not this decade, possibly not this century...but it's going. And the world will be much, much better off for it.

(It's just possible that there will be some tiny fraction of the current uses for oil that we can't find any meaningful replacement for, but it's not going to be much.)