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It's a resource that has started wars and caused global market turmoil.
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Oil fuels more than half of the world's transportation like cars, planes, and trucks.
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But in the age of electric vehicles and renewable energy - is the oil era over?
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Well, it all depends who you ask.
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This chart from the International Energy Agency lays out the debate.
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One scenario has oil peaking in the mid-2020s.
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And the other shows oil demand growing until 2040.
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So, why the difference?
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Well, on one hand, climate policies are getting stricter.
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So, here in the EU, renewable energy sources account for 80% of new capacity
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and wind will become the number one source of electricity soon after 2030.
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China, the world's largest polluter, is now leading the way in the push for clean power.
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Just take a look at the streets
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It's predicted one out of every four vehicles on the road in China will be electric by 2040.
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And the total number of electric vehicles on the road worldwide
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is expected to reach nearly 300 million in just over two decades -
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there's only around 2 million today.
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More electric cars equals less gas guzzling.
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Okay, but let's not get ahead of ourselves.
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The International Energy Agency says it's too soon to write oil's obituary.
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Oil and gas still received two-fifths of global energy supply investment in 2016.
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That was less than electricity got for the first time ever
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but still much higher than investment in energy efficiency,
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and renewables in transportation and heating.
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Experts say it will be a long time before the infrastructure is in place
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for electric cars to overtake the streets.
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And even then, there will still be demand for oil.
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Oil will be a dominant energy source for emerging markets like India,
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and for industries like trucking, petrochemicals, shipping, and aviation.
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One reason why these industries haven't backed off oil yet?
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Well, prices are pretty low historically.
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Back in 2014, the price for a barrel of crude oil traded above $100.
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Today it's around $60 - where it's expected to stay for a while.
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So how did this happen?
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Put very simply, too much supply and not enough demand.
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In 2014, economic growth slowed in countries like China and Brazil -
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which made oil demand go down.
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At the same time, global oil supply was going up, fast.
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The U.S. experienced an oil boom thanks to new technology -- shale drilling.
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Meanwhile OPEC, which is a cartel of oil-producing countries,
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decided not to cut their own supply.
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And despite geopolitical tensions in countries like Iraq and Russia,
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oil production didn't go down in those regions either.
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It was good for consumers who pay less at the pump.
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But low prices hit oil producers and exporters hard.
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Big oil companies like Shell and BP have responded to low oil prices
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and increased regulations by trying to “diversify” their businesses.
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That's a fancy way of saying they're investing in other things besides oil.
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Some of that investment is going toward solar or wind
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but most of it is going toward gas.
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Exxon predicts demand for natural gas will grown more than any other energy source
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and by 2040, will make up a quarter of the global energy mix.
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Some analysts say it'll take a long time for us to switch to alternative power sources,
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especially when oil prices are so low.
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But whether the oil era comes to an end or not,
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a new era of alternative energy has already begun.
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Hey everyone, it's Elizabeth. Thanks so much for watching!
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Bye for now!