The rise of battery-powered cars threatens disaster for Houston’s oil and gas economy.
Houston Chronicle: September 23, 2017
Halfway around the globe, a storm is brewing that will pose a greater threat to our oil and gas industry than Hurricanes Harvey or Ike, or even a massive storm surge right up Houston Ship Channel.
The danger: China wants to stop buying gasoline. Specifically, at an automotive conference in Tianjin, the nation’s vice minister of industry and information technology stated that the government is planning on a total phaseout of vehicles powered by fossil fuels. This announcement follows similar plans from Britain and France to ban sales of diesel and gasoline cars by 2040. That’s decades away, but the world is undeniably moving towards a future where the internal combustion engine is a thing of the past. read more
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