All nations have felt the economic turmoil especially in the last ten years. The growing power of foreign oil providers has significantly created a sort of dictator role in our fluctuating but generally worsening economy.

Petroleum producers constantly pound the ever-growing demand with for oil with ridiculously soaring fuel prices. An adverse impact on the country’s market on basic commodities arise from the diminishing retail purchases and other business ventures because of displaced disposable income due to sky-rocketing oil prices. The decline or eliminated need for petroleum products for cars allows individual vehicle owners and businesses to allocate money for other needs entailing growth of other industries, hence the flourishing economy.  Petroleum importers have monopolized the flow of money to their business.

The electric cars were introduced even before the 19th century but did not gain much popularity until the mid 1970s. The hybrids have become more popular in the last 10 years when the Toyota Prius started being mass-produced. Hybrids operate on electricity at lower speeds and gas at higher speeds. With the increasing demand for hybrids, may it be for greener or cost-efficiency reasons, other businesses have developed products to align themselves in manufacturing better parts and services as the industry expansion inevitably continues.

The growing number of hybrid or electric vehicle owners and hopefully the comprehensive adoption of EVs over conventional diesel or gasoline cars (Internal Combustion Engine or ICE) will drastically influence the economy the world over.  Electric cars may be well suited for city driving and hybrids are most cost-efficient when used at lower speeds but overall, the irreversible damage that ICEs cause cannot be retracted with money. Naturally, the production and costs of these new generation cars will improve as gasoline or diesel industries decline. Some car service businesses will suffer just as petroleum importers may experience if more EVs will be used. Consequently, business related to production of electricity will grow. The industries analyzed are established domestic industries, with the exception of battery production.  Battery production for hybrid and EVs can be manufactured domestically and may result to reduction of profit for other industries, such as car tunes up, automotive repair, and so on. Maximum environmental benefits will be achieved if the source of electricity will be renewable energy. This is one major aspect that needs to be addressed both by the government and energy companies. Electric power generation and making infrastructures available to meet the demands of a growing industry are two of the greatest challenges that this technology evolution are starting to encounter.

Bottom line is with lessened dependence to petroleum importers if EVs are widely adopted, petroleum importers will no longer adamant about raising prices every so often. Petroleum products will have lower prices if they plan to survive in the business. Driving will not be as painful to our pockets as it is damaging to the environment. Other opportunities for businesses will be made available to consumers, investors and job seekers and there will be more finances allowed to circulate in other industries that are related to the production and maintenance of these new-age automobiles or simply called the electric cars.