Question

8. OPEC (Organization of the Petroleum Exporting Countries) announced it will decrease oil production by 20 percent in the near future. At the same time, India's income increased from $3,400 per capita to $5,250 per capital last year, prompting a strong demand for cars and gasoli The final effect on the market of cars is:

Answer 1

OPEC announced it will decrease oil production by 20% in the near future. At the same time India income increased from $3400 per capita to $5250 per capita last year, promoting a strong demand for cars and gasoline. the final effect on the market of cars will be Electrical vehicles a little industry that could take bite out of oil demand. Electric vehicles are expected to be increased a new car sales, forecasted by IHS Market. Indian Oil also the nation biggest fuel retailer, has prepared for alternatives of crude oil by expanding into natural gas, renewable and electricity to power vehicles. Building of liquefied natural gas import in southern India, has about 202 MW of renewable energy capacity from solar and wind projects, and its testing India’s first hydrogen fuel cell-based bus. The change would decrease carbon emissions and welcome a new development for a country with a severe urban pollution problem.