The failure of electronic car bodes well for crude oil

The recent spike in oil price is probably more to do with the situation in Iran. However, over long term, the failure of e-car to catch fire is a more serious issue. If we can not curtail demand, the supply will not meet demand over long term. The world is consuming 80-90 million barrel a day right now. The new supplies come on lines are all unconventional fields, such as oil sand, deep sea drilling and fraction. All these have serious environment consequences. Even if all these methods are safe, they may give us another 30 years supply. Unless we are serious about e-car, oil price will continue to be high.