Seeking Alpha author Kirk Spano joins Cheddar to discuss his view on the electric vehicle industry and how it relates to the demand for oil. He talks about fracking and the "peak" of the oil plateau.
Spano suggests that fracking is done accelerating and will most likely only produce 10-11 million barrels a day moving forward.
He believes the takeover of electric vehicles may not happen as soon as people expect. He doesn't see families giving up their cars and dropping everything to go electric. He predicts 1 billion EVs will hit the road by 2040. Additionally, Spano believes oil prices will rise a bit and worries that war may drive up the demand.
German carmaker Volkswagen said it plans to introduce 25 new electric vehicle models through 2030. As that roll out begins in earnest, Pablo Di Si, president and CEO of Volkswagen Group of America, provided Cheddar News with a breakdown of what consumers can expect from the line-up.
