EU lawmakers back ban on new fossil-fuel cars from 2035

It's incredibly hard to predict and I'm no expert but here's my probably wrong guess based on what I currently know.

In the short term prices will continue to rise because the demand is there but the oil companies can see the writing on the wall. They know that EVs will cause a massive drop demand over the next 20 years and nobody wants to invest into a shrinking/dying market. So production wont increase and prices will remain high or increase for a few years.

In the medium term there will be a big drop in prices as EVs start to significantly reduce demand, prices will probably drop to the same levels as during the pandemic. But this will be short lived.

Long term prices at the pump will rise again and stay high forever. Oil will lose all the economies of scale it currently has and there will be a lot of old and expensive infrastructure to maintain for the small demand that remains.

/r/Futurology Thread Parent Link - reuters.com