No, it doesn't work that way. Oil is a global commodity and we use about 20% of the world's oil. OPEC has a long history of controlling oil prices by changing production. If demand falls production will decrease which will stabilize prices. Oil in the US is relatively expensive to produce. Production in the US may drop as a result of any falling prices, which will also work to shore up prices.
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Originally Posted by jimjamuser
Reducing oil demand by buying e-vehicles and the price of a barrel of oil will drop.
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