You may pay below Rs 30 for petrol in 5 years

He had said earlier that by 2030, 95% of people won’t own private cars which would wipe off the automobile industry.

You may pay less than Rs 30 for petrol in the next five years. Tony Seba, an American futurist says emerging technology is going to reduce the world's dependence on petrol so much that prices will plummet. Seba is famous for predicting a boom in solar power when the prices used to be forbiddingly high, 10 times the prices today.

Seba says that the rise of self-drive cars would bring down oil demand sharply which could reduce the price of oil to $25 a barrel. "Oil demand will peak 2021-2020 and will go down 100 million barrels, to 70 million barrels within 10 years, Seba told CNBC. This means the new equilibrium price is going to be $25, he also said.

While people will not stop using the old-style cars, the self-drive electric vehicles will become a much larger part of the sharing economy. The price of electric vehicles will be cheaper to buy, he also said.

He had said earlier that by 2030, 95% of people won't own private cars which would wipe off the automobile industry. He also predicted that electric vehicles would destroy the global oil industry.

The statements are interesting and come at a time when Union power minister Piyush Goyal said India was looking to have all-electric car fleet by 2030.

Imagine a Starbucks on wheels. Essentially transportation is going to be so cheap, it's going to be essentially cheaper for Starbucks to run around and take me to work, which is, you know, 60 kilometers away, and give that transportation for free, in exchange for going to buy coffee in that hour of commute, Seba also said.

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