That was my first thought. Once the world's richest economies hit the EV tipping point where automotive gasoline becomes a shrinking market, gas costs are going to go crazy, especially since things like refining capacity will go down as costs are cut and new investment goes to zero.

The market for cheap electric cars and scooters/bikes will explode as consumers worldwide see the price of gas get higher and higher. Many of these cheap EVs won't be sold (or even legal to sell) in North America, but someone somewhere will meet that demand.

The telling fact is that oil companies refuse to start new oil fields even when they have the permissions.

Opening up a new field costs mucho $$ and it takes a while to pay it back before it'll start making a profit. And it seems that their analysis shows that 25+ years in the future they're not making as much as they are today so there's no point in spending money up front.

It's easier just to sell their existing inventory at insane prices.