Will the electric car industry doom the oil industry? The smart money says it's possible, according to this story in energypost:
"Fitch Ratings agency warns that if recent technology trends continue, we may see an 'investor death spiral' as first the smart money — and then everyone else’s — sells off oil company assets (bonds and stocks). That would in turn increase the industry’s costs for both debt and equity — while oil prices would be stuck at low levels as the world hits peak demand.
"This would affect industries whose stocks and bonds are cumulatively valued in the trillions of dollars. In particular, Fitch notes, 'an acceleration of the electrification of transport infrastructure would be resoundingly negative for the oil sector’s credit profile.'”
Read the whole story here.