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Oil is Hard to Quit in Norway Where Electric Cars Rule the Road

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Added by MiAmigo
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Oil-rich Norway is going electric. More than 20% of the country's cars are EV's and it looks like the rest of the world is poised to follow.

When it comes to electric vehicles, Norway is very much a trailblazer. It has moved much more rapidly away from the internal combustion engine than its neighbors thanks to generous tax breaks and incentives, which made Tesla Inc.’s battery-powered Model Y cost competitive with a gasoline-burning Toyota Motor Corp. RAV4.

Most countries can’t afford to move quite as fast as wealthy Norway — the nation’s government estimates that various supports measures cost it some $1.8 billion annually in lost revenue. But the International Energy Agency says the rest of the world is going in the same direction, bringing peak oil demand before the end of the decade.

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