Why GM’s switch to electric vehicles may be more important for the oilpatch than Keystone XL’s cancellation – by Tony Seskus (CBC News Business – February 10, 2021)

https://www.cbc.ca/news/business/

Comedian Will Ferrell smashed a globe with his fist, caught an arrow in his mouth and travelled to Sweden aboard a storage tanker on Sunday. And it had nothing to do with promoting another goofball buddy flick.

It was a Super Bowl commercial launched by General Motors as the largest U.S. automaker marked its newfound ambitions as an electric-carmaker. Less than two weeks ago, GM caught some people by surprise with its pledge to make the vast majority of the vehicles it produces electric by 2035.

Amid growing calls for action on climate change, some argue it has the potential to be transformative. And for the North American energy sector, particularly oil and gasoline producers, understanding the implications of the electric vehicle (EV) push just became that much more urgent.

Long-term implications

Warren Mabee, director of Queen’s University’s Institute for Energy and Environmental Policy, believes for the oilpatch, the significance of GM’s announcement outweighs the recent cancellation of Keystone XL.

“That really starts to eat away at the demand side of the equation as consumers have more and more electric vehicles available to them,” Mabee said.

For the rest of this article: https://www.cbc.ca/news/business/general-motors-electric-oilpatch-1.5905637

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