"for the same capital outlay, wind and solar projects will produce 3 to 4 times more useful energy at the wheels than oil will at $60 a barrel for diesel-powered vehicles.<p>For petrol cars, the ratio is even less favourable — the renewable investment will produce 6 to 7 times more energy. It is therefore increasingly difficult to argue that oil is the superior fuel from an economic standpoint, let alone when environmental issues are considered.<p>As electric vehicles proliferate, the long-term break-even oil price required for gasoline to remain competitive as a source of mobility could fall as low as $9 to $10 a barrel.<p>With nearly 40 per cent of current demand for oil coming from sources susceptible to easy electrification, oil companies should think very carefully about investing in new long-term projects that have break-even costs much above $20 a barrel.<p>This poses a major strategic problem for the oil industry"