Reblog; The Market Will Kill Oil Before the Government Does

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The U.K. plans to outlaw the sale of gas and diesel cars by 2040, but most cars sold by then may be electric anyway.

European governments are making a big splash, pledging an assault on traditional cars to help clean up polluted air in cities. The latest strike came Wednesday in the U.K., which says it will ban the sale of diesel- and gasoline-powered cars by 2040.

Those plans might not be quite as ambitious as they first seem. Consumers, automakers, and even some oil companies are already preparing for a battery-powered future.

The U.K. government’s plan to tackle record levels of air pollution was announced two weeks after French President Emmanuel Macron announced a similar plan to cut smog and become a carbon neutral nation.

While the targets will send a strong signal to automakers in Europe about the kinds of vehicles they should be producing over the next quarter century, they’re more likely to confirm that companies like Nissan Motor Co., Volvo Car Group, and BMW AG are on the right track.

“The industry is already working full speed on developing new, more environmentally friendly technologies,” Moody’s Investor Service said Wednesday in a statement regarding the U.K. plans…..