
An important side-effect of EVs - cheap crude oil and its products
Historically, up until the 1970s, oil cost around $30/barrel, reflecting the cheap cost of producing it in the Gulf. Then it shot up due to the OPEC embargo following 1973 Israel war, and never came back down to the $30s again except for a couple very short periods.
Now with EVs flattening and eventually decreasing oil consumption, we could see the return of sustained super-cheap crude oil, assuming "geopolitical" shenanigans that *conveniently* raise the price of oil don't continue to happen.