France and the United Kingdom recently announced that they will ban the sales of gasoline and diesel-engined cars from 2040. The lower house of the Dutch parliament has passed a law banning such sales from 2025. India says it will institute a similar ban by 2030.
China, the world’s largest producer of cars — 28 million vehicles last year, more than the United States, Japan and Germany combined — is also planning to declare a ban soon, but is still working on the cut-off date. And in November, the European Commission is going to debate a minimum annual quota of electric vehicles for all European car producers.
So if you were looking for a safe place for a long-term investment, would you choose the oil industry?