Oil groups ‘threatened’ by electric cars

Oil companies face a “resoundingly negative” threat from a sharp growth of electric cars, one of the leading credit rating agencies has warned. “Widespread adoption of battery-powered vehicles is a serious threat to the oil industry,” says a report from Fitch Ratings that urges energy companies to plan for “radical change” spurred by new technologies that could arrive faster than expected.

Read more… (source: Financial Times)

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