By Joseph Markman
The oncoming trends of an expanding electric vehicle fleet, emergence of renewable fuels and political moves toward elimination of internal combustion engine-powered cars could easily prompt a rather existential question from the oil and gas industry: Will we ever stop using fossil fuels?
Short answer: no.
The answer to that question, which is the title of a 2016 Journal of Economic Perspectives paper by Thomas Covert and Michael Greenstone of the University of Chicago, and Christopher R. Knittel of the Massachusetts Institute of Technology (MIT), derives from both the reliable supply of fossil fuels as well as an unreliable pace of demand.
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