- The cost of petrol could come down to Rs 30 per litre within five years.
- The reason for such a drastic drop in prices is based on extensive research that shows emerging technology and renewable sources of energy taking over the market in a massive way.
- The predictions were made as part of a study conducted by American futurist, Tony Seba along with Stanford University.
Yes, it is possible that there will come a time that we will be able to buy a litre of petrol for as low as Rs 30.
The evaluation was done by Tony Seba, an American futurist who is famously credited with predicting that there will come a time when solar energy markets will witness a massive boom. His predictions were made at a time when solar prices used to be ten times than what it is today.Seba, a serial Silicon Valley entrepreneur, made the predictions as part of a study. In his study titled ‘Rethinking Transportation 2020-2030’, Seba, who is also an instructor in Entrepreneurship, Disruption and Clean Energy at Stanford's Continuing Studies Program predicted a drastic drop in oil demand.
He theorised that due to changes in urban transportation habits, there will be first a peak demand of 100 million barrels in 2020, but slowly the global demand for petroleum will drop drastically. As a result of this, countries like India, which import oil, will be able to save billions of dollars.
Regarding his prediction, Seba says that it is the rise of self-drive cars that would bring down the global demand for oil, reducing the price of oil to $25 a barrel.
"Oil demand will peak 2021-2020 and will go down 100 million barrels, to 70 million barrels within 10 years. And what that means, the new equilibrium price is going to be $25," says Seba.
The study also predicts that the decline in oil demand and low prices will create political instabilities in parts of the world that are highly dependent on oil, leading to a shifting balance of power in world politics.
Last Updated 31, Mar 2018, 6:39 PM IST