One of the most significant impacts of electric vehicles (EVs) on the oil industry is the reduction in demand for oil. As EVs become more popular and their adoption rate increases, the demand for gasoline and other petroleum-based fuels used in traditional combustion engines is likely to decrease.
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Reduced demand for oil
Another impact of EVs on the oil industry is the potential changes to the refining industry. As the demand for traditional petroleum-based fuels declines, refineries may need to shift their focus towards producing other products such as plastics or lubricants.
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Changes in the refining industry
Companies in the oil industry may also face increased competition from renewable energy companies who are looking to capture a larger share of the energy market.