Sunday, February 14, 2016

Oil needs to hit $350 to make electric cars viable : "The story is similar when looking at alternatives to fossil fuels in the transportation sector: namely, battery-powered electric vehicles. At the current battery cost of $325 per kWh, the authors find that the price of oil would need to exceed $350 per barrel before an electric vehicle would have a lower cost of ownership than an equivalent gasoline powered vehicle. Unfortunately, oil traded at an average of $49 per barrel during 2015 and is currently trading below $30 per barrel. Thus, batteries need to be much cheaper before electric vehicles could cause reductions in demand for fossil fuels."