As the United States continues its push to incorporate more electric vehicles on the road, a big question that remains is what will happen to gas prices as more EVs come to market. Patrick De Haan, Head of petroleum analysis at GasBuddy, joins TheStreet to discuss what you might have to look forward to at the pump.
Full Video Transcript Below:
J.D. DURKIN: Patrick, of course, we're talking a lot about the growing shift to electric vehicles. How do you see this impacting gas prices in the long term?
PATRICK DE HAAN: Well, it's going to be a very interesting dynamic. We've been seeing a lot of impact from the White House incentivizing the shift to EVs and vesting billions of dollars in infrastructure. And that could change in the years ahead. Now, as that's been a frequent question of will we see lower prices with lower demand? But the biggest question is how quickly does the transition happen? Will oil companies shut down refineries? Will they start lowering investment on existing assets? And will that undermine overall capacity?
It could be a very bumpy ride, but I don't think that I don't think that the shift is going to happen nearly as quickly as a lot of us think. I think it's going to be more drawn out. We're starting to see some of that and that will allow a natural healing. I don't think oil companies are going to quickly be shutting down their assets, their refineries, but this is going to be a longer road to transition. And I don't know that there will be a whole lot of bumps now, but maybe in 5 or 10 years, should we see a drastic change in policy, that's where things like the White House can have a major impact on the speed of transition.
