Big oil in troubles | Medium

Economist
Big oil in trouble James Alexander Michie

From WHMP / clipart.com

It should be noted that Big Oil is perhaps the most feared and respected industry in history. Oil is heating up the planet, but this hardly affects its use. In fact, oil fuels the most politically volatile regions of the world. During the last century, oil has dominated our economy and our politics. Oil is power.

Likewise, technology is about to undo a century of the political and economic dominance of oil. Being that Big Oil will be reduced in the next decade by a combination of applications for smartphones, long-life batteries, and simpler gears. Consequently, as usual, the new technology, the cancellation will occur much faster than anyone believes.

In order to obtain a greater understanding, it is necessary to deepen as to why Big Oil is in a much weaker position than anybody realizes. To do this, we have to look more closely at the oil axis in our lives: the internal combustion engine and the modern powertrain engine.

Eventually, the parts in the combustion vehicles wear out and fail. Examples are leaks in oil plugs. Worn belts. The transmissions take over. Coupled with this, there may be more problems.

List of most common vehicle repairs of 2015

• Replacement of an oxygen sensor — $ 249

• Replacement of a catalytic converter — $ 1,153

• Replacement of ignition coil (s) and spark plug (s) — $ 390

• Tighten or replace a fuel cap — $ 15

• Replacement of the thermostat — $ 210

• Replacement of ignition coil (s) — $ 236

• Replacement of the mass air flow sensor — $ 382

• Replacement spark plug wires and spark plugs — $ 331

• Replacement of Evaporative Emissions Purge Control Valve (EVAP) — $ 168

• Replacement Evaporative Emissions (EVAP) Purge Solenoid — $ 184

One fact that should certainly be highlighted is that none of these faults exist in an electric vehicle.

Read more.

Source: Seth Miller | Medium

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