In past few decades, Saudi Arabia has relished and experienced huge economic growth, which had resulted in increased per capita income. Saudi Arabia’s huge petroleum reserves and profits attained from the export of petroleum have led to continuous economic growth and development. The Saudi Arabia’s oil sector holds of a total of ninety percent of the export earnings, ninety percent of the revenues and forty seven percent of the country’s GDP (Alkhathlan and Javid, 2015). Additionally, there has been a sudden increase in the national oil consumption in past few decades in Saudi Arabia from 0.41 mbd i.e. million barrels per day in the year 1970 to 3.07 mbd in the year 2013 and it is the total oil consumption which stands equivalent to one quarter of the total oil production of Saudi Arabia GDP (Alkhathlan and Javid, 2015). Similar to this, the total oil consumption of the OPEC had increased sevenfold in the past 40 years.
In respect to the population size and economy of the country, the consumption of oil is much higher in comparison with that of the various advance industrialized nations. There is a total consumption of around three million barrels oil on a daily basis which has resulted in increased level of the CO2 emissions in the nation. There are increased level of environmental protection issues in Saudi Arabia which are related to the oil and energy consumption behaviour of the country and primarily because of the huge oil producing companies that supply oil to the rest of the world. The consumption as well as the production of oil is rising with a rapid rate which is threatening the environment with increased level of CO2 emissions and the emission of the greenhouse gases.
The change in the climatic conditions and the continuously rising environmental issues has posed a threatening global challenge for the masses and the entire humanity. There has been experienced an ongoing rise in the temperature across the globe which had led to increased number of issues comprised of environmental imbalances, spread of disease, scarcity of water resources, reduction in agricultural production, rising sea levels, ecological imbalances and frequent heat waves (Wang and Li, 2016). The primary reason which has been identified as the key reason behind the continuously rising environmental issues and challenges is due to the burning of the fossil fuels that is primarily take place due to rising use of vehicles that run through the consumption of these fossil fuels supplied by the oil companies of Saudi Arabia. At the present time, as a result of the increased level of fossil fuel extraction, there has been a projected increased in the temperature of the Earth by around fuel extraction, the Earth’s temperature is projected to increase by somewhere between 4°C- 6°C (Tsai and Champagne, 2016).
It would cause catastrophic damage to the lives of the human and the other species, therefore as a society there was a need to have a collective measure for limiting the rise of the use of fossil fuels so that the temperature could be below 2°C. And to attain the same, there is a need to have a worldwide transition i.e. from the burning of the fossil fuels to the use of the renewable sources of energy in an appropriate manner. The primary solution to the issue and the increasing challenge of environmental unsustainability is the use of the electric vehicles. The major emphasis of the study is to explain the development of the electric cars and in specific the introduction of these electric cars and their impact on the oil producing countries having the key emphasis on Saudi Arabia (Alkhathlan and Javid, 2015). In present time, people as well as the companies are threatened by the concept of “green thinking” that forces both the buyers as well as the producers to have a green i.e. sustainable and healthy approach towards the utilization of the resources and their living habits. Since past decade, the use of the electric cars have suddenly rise and the maximum of the global car ,manufacturing companies have started emphasizing on producing highly effective electric cars so that there can be minimized the sue of oil and also there can be decreased level of environmental pollution. But there are number of implications for the oil producing countries of the increased use of the electric cars (Gomez Vilchez, Jochem and Fichtner, 2013). The study will understand the impact of the electric cars of the oil producing countries by keeping the major focus on the Saudi Arabia. With the introduction of the electric cars, the car manufacturers and the oil and refinery organisations experience themselves in an endangered situation and there are certain pressure posed upon the oil producing countries. Being one of the major producer and export of oil, it is extremely challenging for Saudi Arabia to sustain the pressure and threat posed by the continuous and increased use of the electric cars and thus the paper will present several insights highlighting the major implications of Saudi Arabia in the present scenario (Aljarboua, 2009).
The primary research question of the study is to understand the impact of the electric cars on the oil producing countries by analyzing it through the case study of Saudi Arabia.
Following are the key research objectives of the study:
- The first research objective is to understand the introduction and importance of the electric vehicles
- The second research objective is to understand the rationale behind environment sustainability through the use of electric cars
- The third research objective is to understand the negative implications posed on Saudi Arabia of the increased use of electric cars
- The last research objective is to understand the key impacts of the electric cars on the oil producing nation and providing adequate recommendations to overcome the challenges.
The key focus and emphasis of this part of the research is to understand that how the development of the electric cars or the alternatively fuelled cars can impact the gas and oil producing countries in present as well as from future perspectives including probable countermeasures. The presence of crude oil is dominant in the lives of people as well as in the societies across the globe and primarily in the transportation sector (Alshaye, 2015). There has been a great threat posed by two particular concepts to the oil producing countries i.e. the electrification of the transportation and the green thinking. The idea of eco-friendly lifestyle, environmental sustainabilityand green living was come in existence twenty to thirty years back. But in last few years, there was significant concern imposed on the developmentof the electriccars so that the growing issues can be managed. People in present time are conscious in respect with their habits and actions and are taking appropriate measures to reduce the impact of their activities on their surroundings (Anderson and Anderson, 2010). A period of 15 to 20 years back, when there was introduction of the development of electric vehicles and the hybrid mass-production vehicles put the car manufacturers as well as the oil and refinery companies in an endangered position (Badr, et al., 2009).There was a severe pressure on the oil companies to maintain the demand for oil in the coming future. The environmental related issues are considerablesignificant to the government as well as to the people which require intense attention to be treated.
Taking environmental situations into mind, the most valuable and useful invention for today’s world is electric cars (Baran and Legey, 2013). Electric cars are developed to curb the environment pollution. These cars are the part of automobile which works with the help of electrical energy. These cars play a key role in saving environment from hazardous problems as they do not create any kind of pollution. A fast and strong acceleration is also generated with help of this energy which facilitates human needs (Cohen and Naor, 2013). In 1960’s and early 1970’s were that years when pollution is increasing very rapidly. With the view of saving environment, vehicles that run with the help of electricity were taken birth into the world of automobiles. This was established on the basis of the restrictions posed by organisation of the petroleum exporting countries (OPEC). By the starting of 1990, industries started producing electric motor vehicles but were less in quantity (Curtis, 2009). By the year 2003, high degree of competition in motor industry forced the producers to stop producing electric vehicles. EVs earn greater success in 21st century than in 20th century because of advanced technology and better car batteries (United Nations Environment Programme. Biofuels Working Group and United Nations Environment Programme. International Panel for Sustainable Resource Management, 2009). Ozone depletion, global warming and greenhouse effect are some major concerns which again give birth to the electric driven vehicles in the year 2008. As 2007-2008 are the years of inflation, producers were engaged in producing low cost vehicles to overcome economic crisis (Becker, Sidhu and Tenderich, 2009).
A change does not occur naturally, it was the result of human activities. This entire imbalance in environmental conditions in last two decades is occurring because of the exploitation of resources by humans. In the last few years, it was studied that atmosphere is adversely affected because of the various gases presented in the environment (Dennis and Urry, 2009). The changes occurred in climate patterns in past years were all because of these hazardous gases. The study also discloses that fossil fuels are the main cause behind these harmful gases. To improve environmental situations across the world, many government of different countries accepted electric vehicles as it prevents the environment from getting polluted (De Almeida and Silva, 2011). These electric vehicles are considered as the most important invention for reducing pollution from the environment. Electrically driven vehicles are the most convenient products as it brings many advantages for environment. Some of them comprised of that these vehicles are eco-friendly in nature which means it does not release any kind of by-product in the environment. It will help in preventing greenhouse effects which is very beneficial for human beings as well as for other species. It also reduces the usage of oil and other fossil fuels as these cars work with the help of electricity and the electric cars works as the great substitution in the place of those vehicles which harms the environment and generates pollution (Dale, 2015).
Significance of Electric Vehicles
Gasoline, petrol or diesels are the only fuels which are used in almost all the vehicles in the world. With the growing world, non-OECD countries are demanding more fuel so that they can develop much faster than other countries. On the other hand, OECD countries demand less fuel than the non-OECD ones. BRIC-countries can be considered as the latest example who is demanding more of these fuels for development of their countries.At the same time, producers in Europe and North-America are engaged in bringing innovation by increasing the mileage-per-gallon of the vehicles which use gasoline for consumption (Essen and Kampman, 2011). In early time, there was quite less concern on electric cars until there was increased number of environmental issues. As electric vehicles contain high development costs, it was less occupied by countries but because of increasing pollution, now-a-days government is more concerned and follow eco-friendly ways of transportation (Fantazzini, Höökand Angelantoni, 2011).For number of years, there have been raised huge development costs by the hybrid and the electric vehicles. There was a long road towards the development of the electric cars until the time the government entities were not concerned for the issue of environment sustainability. To adjust with the new environmental regulations both the cars makers as well as the government have raised their participation in the introduction of electric cars (Ehsani, Gao and Emadi, 2009).
The direct linkage and correlation between the global warming and the emission of CO2has been accepted across the world with a solid majority of the various scientific communities. The huge damage which is caused because of intense global warming and the increased awareness of the public had develop a challenge for reducing the level of emissions of carbon dioxide which gave rise to the development of the various alternative vehicles to diminish the impact on the environment (Freyssenet, 2011).There were taken a number of developmental steps and initiatives before the introduction of a completely suitable electric car in the market. The first or the primary step was “mild hybrid” where an internal combustion engine (ICE) was supported by a small electric engine and the batteries were used to be recharged through the means of regenerating braking energy. But the saving of the emission of carbon dioxide was modest and the costs were immensely high. The second step was the “full hybrid” that offered a greater electric engine as well as a battery in comparison with that of “mild hybrid” and thus there was increased level of savings of carbon dioxide emissions but at more high prices (Finley, 2012).
There were expectations that there will be a decline in the overall costs of the electric cars once there will be increased sales of the cars. Then .later to the “full hybrid”, there was introduced “plug-in hybrid”. A “plug-in hybrid” is a vehicles or the electric car which is regarded as completely equipped with increase battery power and engine which can be charged easily through a grid (Rezvani, Jansson and Bodin, 2015). One of the features of the electric cars i.e. the range extender provides increased range by having an integration of the efficient ICE i.e. internal combustion engine which support in recharging the battery of the electric car (Larson, et al., 2014). The last step that took place was the development and introduction of the completely suitable electric car. The electric car is charged through a grid and with the help of battery it operates (Nykvist and Nilsson, 2015). But still there is a long way to go for complete electrification of the transport sector. The electric cars are dominatingly seen as the source of reducing dependency upon the oil, for reduction of emissions of harmful gases and for effective utilization of the capacity (Friedemann, 2016).
Strategies adopting by oil producing nations to overcome the impact of electric cars
It is a fact that the fossil fuels are getting scarce day by day and the exploration of the sufficient amount of gas as well as oil supplies are getting more difficult and challenging. And as a result, the countries as well as the companies are admitting that there is an extensive need for alternatives or there must be supplement business fields. And thus one of the strategies which are being used by the oil producing countries is diversification of business fields. There has been identified an overall decrease or fall in the production of oil as well as there are increasing forecast that there will be a more decrease in the coming years (Gilbert and Perl, 2010). Subsequently, it is essential that there must be a new energy policy so that the demand for oil could be maintained. The strategy of diversification is used by the oil producing companies and the industry because of the reason that people are moving and switching to the electric cars and in that situation, there has been used strategy of diversification. The diversification in the oil companies is in respect with the green investments as the oil companies are diversifying their business fields to the green investments. If the companies will have more environment safe business operations and have green business practices such as biofuel etc. then it will not only help the oil producing countries to maintain the demand for oil but also in having new business opportunities (Hacker, et al., 2009).
Prolongation can be better explained as an extended form of something so that there can be attained the attention of new market or new customer base to have higher level of sustainability in the market. In the transportation sector also there is huge dependency upon the fossil fuels and the prolongation strategy will help the oil producing countries to maintain their market leadership and save from the negative impact of electric cars. It is the fact that the major proportion of the overall population whether being the individual, commercial, airborne or water transportation is running upon the use of fossil fuels. Both the gas as well as the oil companies together with the OEMs i.e. the original equipment manufacturers is working on the maintenance of the business field. To increase and maintain the leadership of the fossil fuels, the oil demand and the leadership of the oil producing countries in the transportation sector, the oil companies should not only stick on development of the new and efficient fuels such as natural gas and diesel fuels but find more reliable, sufficient and innovative sources of gas and oil which are crucial for the oil industry (Hamilton, 2011). It is true that the exploration of the new oil field is extremely challenging as well as difficult from technological perspective, therefore a new oil source i.e. oil sands has been recognized in large quantity. For the oil sands, Northern Alberta is home and it recognized as one of the largest oil deposits in the world. It is considered as the second largest resource which is to be found in Saudi Arabia but there are challenges in respect with the way the oil is trapped in the sand. There has been contained a large form of the crude oil which required extraordinary attention for getting it out from the land and developing it in a form where it is used as a fluid for travelling down the pipelines for getting refined into the hydrocarbon and gasoline products (Helm, 2016). It clearly demonstrates that there is time when huge attention is paid upon the strategies of developing as well as exploring new crude oil sources to remain competitive in the energy sector this is might be because of the reason that the oil producing countries may have that position that the complete electrification of the traffic is still a very long way down the road and there is still a lot more time when the electrification of the transport sector will be dealt with high intensity (Hawken, Lovins and Lovins, 2013).
Understanding of the impact through theoretical lenses
Porter Five Forces Model
The entry of electric vehicles and the impact of the electric cars can be better explained with the well-recognized and renowned Porter five forces. The theory is utilized to gain a better and in-depth understanding off the impact of the electric cars on oil producing nations and particularly Saudi Arabia. The business environment is generally possessed the aspects of severe risks as well as increased competition. The failure or the success of any new product or venture is primarily depends upon its ability of an organisation and the economy’s structure to deal with particular situations. As per the porter five forces theory, there are specifically five key fundamental forces of the business competition (Hofmann, et al., 2016).
Internal Rivalry: The first force is the internal rivalry as there is rivalry between the competitors in respect with the process of the commodities. There are different forms of rivalry which takes place such as price competition as there is a demand for cheaper products. The other forms comprises of extended services, extended warranty periods, introduction of new products, marketing campaigns and advertising campaigns. There are a number of factors that influences the intensity of rivalry that comprised of a number of equipped competitors, exit barriers, huge differences among the products, huge cost of storage and high fixed cost and growth within a particular economy (Inkpen and Moffett, 2011).
Threat of new entrants: There has been a huge threat to the oil producing companies as every new entrant or competitor is often equipped with increased level of technology and amount of capital to effectively penetrate the market by the means of increased cost for the producers, lowering the process and therefore reduced the margin of profit (Kalghatgi, 2015). Yet, this implies that the new electric cars or the entry of the electric vehicles had to overcome the barriers to market entry. There are a number of factors that resulted in the barrier to market entry that comprises of retaliatory measures, policies of Government, cost benefits, access to the market channels, capital requirements, product differentiation and economies of scale (Homer-Dixon, 2011).
Threat of Substitutes: the threat of substitutes is high and a common challenge in number of businesses because of two primary reasons. The first reason is that there has been limited the margin of profit by the substitutes within an economy, therefore, it develops a price cap for the products. the second reason is that the substitutes are able to decrease the market share of the oil producing companies due to increased use of the electric cars by the masses across the globe and thus the demand for the oil and gas are decreased which reduced the profits of the Saudi Arabians’ oil and gas industry. There is a long process though, as the consumers require a specific period of time for finding out the adequate substitute and then to switch to that product or service (Karplus, Kishimoto and Paltsev, 2015).
Bargaining power of the consumer: there has been a huge impact on the companies of the target group for any particular service or product. These target groups may demand a lowered price range or improved performances or increased quality and thus player the various market competitors off against one another (Kiani, 2017). The bargaining power of the consumers are very high as they have a new and fascinating market which offers innovative products and services to them. Thus as a result the oil and gas industry of Saudi Arabia had to face a number of issues in respect with the negotiation of the buyers as a result of the entry of the electric cars in the market. There are a number of factors which demonstrates the huge bargaining power of the buyers such as low conversion costs, standardized products, significant amount of the sold product and increased sales to a particular group (Khan, 2017).
Bargaining power of the suppliers: There is an increased threat of the huge bargaining power of the suppliers. With the new market trends and changing market power, there can be posed a threat by the suppliers of increasing the prices and cost as well as to lower the quality. The bargaining power of the suppliers increase in number of situations such as increased conversion cost n respect with the buyers, huge influence of the goods supplied on the cost structure of the buyers, the sales volume to a particular party is reasonable small and thus, the market power can be contrast to the buyers, unavailability of substitutes and a few number of suppliers have their domination in the market and thus there is increased market power (Kley, Lerch and Dallinger, 2011).
Transaction Cost Economic and Strategic Disruption Theory
According to the TCE Theoretical aspect i.e. Transaction Cost Economics established by Williamson, there are specifically three major factors i.e. frequency, uncertainty and specificity. The key impact of electric cars upon the oil producing countries can be better demonstrated with the use of Transaction Cost Economic Theory.
Specificity: This factor of the theory explains that the greater is the specificity of any particular asset is, the higher are the resources invested by the suppliers for developing the asset more tailored and customized as per the needs of the people or the buyers.
Uncertainty: This factor of the theory explains that the greater is the level of uncertainty is, there is demonstrated that the organisation is operating in a more risky and turbulent market environment (Kodjak, 2012).
Frequency: This factor of the theory explains that if a particular component or a raw material is used or purchased with a high frequency then it shows that there are increased numbers of similar transactions taking place.
The greater the above two afctors are including uncertainty and specificity, the higher are the chances that the organisation will strive hard to internalize the handling of those transactions, particularly in respect with the protection of the know-how on particular goods. The increased internationalization resulted in increased transaction cost of the companies which can be recognized as the price for protecting know-how. But with the increased in the third factor i.e. frequency, there takes place an opposite scenario. In this particular situation, the maximum time a particular transaction takes place, the more often there is standardization of the purchase which can protect the know-how through a blanket contract and thus resulting in decreasing the transaction cost (Averyt and Ramagopal, 1999).
Depends upon the situation of the current market, the organisation will find itself with a particular transaction cost equilibrium, in respect with its transaction cost and market power conditions. In a more competitive market or business environment, such as the automotive, gas and oil industry, the competitors are intense on disruption of the shifting and equilibrium of the transaction cost of the organisation for decreasing the competitiveness. It is usually attained in a systematic manner and is known as “strategic disruption”. The strategic disruption may comprise of various governing bodies for protecting the organisations or oil producing companies from the huge competition posed by the electric cars such as Local Content Regulations and the Rules of Origin.
Rules of Origin: The RoO are also similar to the local content regulations which are imposed by the ruling or the government bodies. The key function is to effectively control the amount of the raw materials or the goods in respect with their origin. There is not only shown the proportion of the goods which are produced domestically, it also demonstrates from where the goods come from.
Local Content Regulations: The LCRs or the Local Content Regulations are the regulations which are imposed by the governing bodies to ensure that there has been fulfilled a particular quota for the usage of the domestic goods at the time of production.
Both the RoO and the LCRs can be categorized as the non-tariff barriers and thus can be recognized as the barriers for the market entry for the potential and the new business competitors (Kromer, Bandivadekar and Evans, 2010).
Theory of Monopoly: Saudi Arabian Oil Industry
A pure monopoly can be understand as a single supplier in the market who rules or dominate the market through huge supply because of unavailability of substitutes or suppliers. The impact of theelectric cars on the oil producing countries can be better explain and understand with the monopoly approach in respect with the Saudi Arabian oil industry (Lippman, 2012).
The transportation sector is highly dominated by the oil products with an overall percentage of ninety five. The transportation and the automotive industry are highly depended upon supply of oil which is majorly from Saudi Arabia as it is the recognized supplier of oil and fossil fuels. Saudi Arabia holds a string monopoly in supplying oil and taken huge benefit of this monopoly in the market and the transport and automotive industry (Miller and Sorrell, 2014).The major power is in the hands of OPEC and the oil market is dominated by few extreme oil producing countries like Saudi Arabia, Qatar, Tran, UAE, Kuwait and few other. Therefore, there has been a monopoly of these countries in the production and supply of oil. There are number of benefits gained by these companies with monopoly such as there is a strong market share and extended supply to the global regions, extensive revenues and profits with huge customer base as well as both businesses, government entities and other retail groups and sectors as the primary customers (Mitchell and Mitchell, 2014).
There has been a complete destroy and damage of monopoly of the oil producing companies with the introduction of the electric vehicles in the consumer market and primarily the electric cars. With the increased demand for oil and the associated negative impacts on the environment and on the lives of human being, there was introduced the electric vehicles to reduce the pollution as well as to decrease the continuously increased use of the fossil fuels (Newman, Beatley and Boyer, 2009).The introduction of the electric cars was the major factor behind the destruction of the monopoly of the oil producing countries as there has been a sudden change in the market scenario as these electric vehicles are considered as the most significant substitute of the ;petroleum based transportation (Woolsey, 2012).As already discussed, the transportation sector is the highly dependedsector upon the oil producing countries and thus, there has been gained a monopoly be these nations. But the electric vehicles n only work as a substitute or alternativebut also help in having continuous economic development of the countries as there use of energy and improved environmental conditions (Morrow, et al., 2010).
This chapter of the research paper will help in tracking the research path which is to be followed by the researcher for carrying out the findings of the research. The research methodology is based upon the research methodology developed by Sauders. It will be a multistage process which will be followed in a particular order for undertaking and completing the research study. The exact number of the stages differed according to the research but the following research will comprise of formulation and clarification of the research topic, reviewing of the literature, research designing, data collection, data analysis and writing up (Saunders, 2011). In the research process there will also be included rationalised examples to have a better understanding. The various journal articles which have been used also suggest that the research is straightforward as well as rational in nature (Saunders, et al., 2009). There are particularly two methods i.e. quantitative and qualitative methods for research which are exploited in maximum of the researches. The research methodology provides a complete description of the approaches as well as the tools which are being utilized in the research for data collection and for data analysis. This following chapter will select one of the two methods for data collection i.e. either qualitative or quantitative. It will provide a basis in respect with in what manner the author had acquired the info. The research methodology particularly looks at offering a strong framework by which method there has been carried out the research in order to attain significant info for facilitating credible and reliable information for resourceful learning (Creswell, 2013).
Data Collection Methods
There are particularly two key and significant research methods for the purpose of data collection i.e. the quantitative method and the qualitative research method. The researches as well as various studies require both the methods for fetching most appropriate info, outcomes and accurate results of the study undertaken. There are enormous reasons behind taking use of these methods for research and for the purpose of data collection. Following are those specific reasons behind the use of these two particular research methods:
· The key and the major focus of the quantitative research method are on the testing and the verification of the data. The research try to verify that the data used is accurate and is appropriate for the research.
· The key emphasis of the quantitative data or the research method is on the various social events and the facts which have already been stated there in past researches or studies.
· The approach of quantitative research is based upon the critical and logical aspects where interpretations are not formed rather there is developed a logical reasoning on the basis of which the results are analysed.
· The quantitative research is objective in nature which develops a specific distance from the data.
· In the quantitative research, there is performed hypothesis testing by developing a number of hypothesis for the research
· Then quantitative research used as a research method is completely result oriented where an outcome or result is identified from the research undertaken.
· The key and the major focus of the qualitative research method are on the understanding of the data where the data is comprehended from various lenses.
· The key emphasis of the qualitative data or the research method is on the understanding of the view point and the notion of the respondents rather than the facts or figures for gaining a meaningful insight from the data.
· The approach of qualitative research is based upon the rational and interpretational aspects where interpretations are formed for analysing an evaluating the data.
· The qualitative research is subjective in nature which develops closeness with the data.
· In the qualitative research, there is performed no hypothesis testing.
· Then qualitative research used as a research method is completely process oriented where an outcome or result is identified from the explorative research (Neuman and Robson, 2014).
In this paper, there will be used qualitative research instead of the quantitative research as there are number of factors which are responsible for taking use of the qualitative research. Following are those factors which are responsible behind taking the use qualitative approach:
Explanatory research: The study is explanatory in nature which means that there is a need to explain a number of mechanisms or linkages which could cause a number of things and there a qualitative research method is more useful and fruitful for this study as here there is a need to explain the impact of the electric cars on the oil producing countries.
Uncover trends: The other reason or factor behind taking sue of the qualitative research is that it is not only explanatory in nature but it also helps in uncovering the various trends in opinions and view points and drive in-depth into the research problem or issue.
Occur naturally: The third key factor behind the selection of the qualitative research is that it helps in describing a social phenomenon in a very natural way such as in this report the social phenomenon is the .introduction of the electric cars and their impact on the oil producing countries. So, to explain it naturally and without making any attempt to manipulate or modify the issue or the situation the qualitative research is used. Thus, the research has been used to just understand and describe the issue.
No hypothesis: One of the major reasons behind taking use of qualitative research for this study is that there is no hypothesis development as there is particularly no sample size and for the research or the impact the whole Saudi Arabia has to be targeted. Thus, the reason of no hypothesis development and no sample size, the qualitative research has been selected.
Data Collection and Secondary Source
For the specific research paper, there will be used secondary research. The key reason behind taking use of the secondary research is that it offers adequate information and argument for the readers which will help in getting a clear understanding of the challenges and the issues or the impacts posed by the electric cars on the oil producing countries and primarily in Saudi Arabia. The secondary research would comprise of the sources such as research reports, magazines, journals, newspapers, government reports and other authenticated sources for collecting data (Bryman and Bell 2015). The accessible findings on the existing info on journals and books will be made use as a part of the secondary research.
Findings and Discussion
Saudi Arabia is one of the globally leading oil producers across the globe. The nation is dominated by the huge supply and use of petroleum and fossil fuels. According to the reports of WHO i.e. World Health Organization, the capital of Saudi Arabia i.e. Riyadh is one of the most air contaminated regions in the world (Towler, 2014). The extensive activities of extraction of oil and transportation directly lead to environmental sustainability challenge in Saudi Arabia. There are governmental practices which are in respect with reducing the harmful impact of increasing usage of automobiles so that the introduction of electric vehicles does not threaten the oil producing companies of Saudi Arabia (Thomas, 2009).
Following are the various findings of theresearch which effectively help in drawing a better and clear vision of the impact of electric cars on the oil producing countries:
Rise of Electric Cars
There has been found that there is a sudden increase in the sales and usage of the electric cars in almost all the regions of the world. As per the reports and data collected, kit isanalyzed that by the year 2030, there is a forecasted increase of 20 million sales of the electric cars. Such a big number is definitely a huge threat and risk for the sustainability of the oil producing countries. But therefore, it is a probable figure which might increase too. Thus, the growing sales and manufacturingof the electric cars is a major threat for the sales of the usual; automobiles which are non-electric. This will not only capture the automobile market but also will decrease the overall share of the oil and gas based automobiles (Owen, Inderwildi and King, 2010).
The impact of the electric cars on the oil producing countries is continuously rising and one of the key factors behind the impact is the development of new and innovative models in the market of the electric vehicles or the electric cars. In present time, the overall percentage hold by the electric cars is just one percent of the overall intern national vehicle sales but in respect with the traditional carmakers, they are striving hard to have significant transformations. In the year 2018, Volkswagen will invest in electrification with an Audi SUV as well as the 1st high-speed U.S. charging network for competing with the superchargers of Tesla. There are promising cars from the end of Tata Motors as well as in respect with its Volvo Cars and Jaguar by the year 2020. There will be great road ahead in the growth and boom of electric cars with General Motors Co., VW, Mercedes-Benz and several other new and innovative models of electric cars. By the year 2020, it is forecasted that there will be a total of more than 120 different and innovative models of electric cars across the globe (Paraskova, 2017).
Big crash of oil market
With the continuous rising use of the electric cars, there are certain negative impacts on the oil producing countries. There are certain predictions which have been done in respect with the impact of the electric cars. With the increasesales of the electric cars, there will be simultaneous decrease in the demand for oil. There are number of factors which are responsible behind the decline in the oil demand from these oil producing countries. One of the major reasonis the decreased prices of the batteries as if the companies will have low transaction cost or low cost of the batteries then there are high chances of selling the electric vehicles at low cost. Getting electric vehicles at an affordable price will surelyincrease its sales and thus will decrease the demand of oil from these nations. The other various afctors that give rise to the sales of electriccars is the governmental supports. If the Government imposes less taxes or pay subsidies to the companies manufacturing electric vehicles then there are high chances that the prices of the electric vehicles remained cheap and thus people can buy these cars easily which will in return increase its sales and so decrease oil demand and bring a crash in oil market (Rafieisakhaei and Barazandeh, 2017). The next key factor is selling products at low profit margin as if the companies will sell their products at low profit margin they can keep the prices low which can help in fetching increased sales. Thus, all these factors are responsible for increasing the sales of electric cars and the as an aftermath the crash or breakdown of the oil market (Penuelas and Carnicer, 2010).
Role of Batteries
The increasing sales and usage of electric cars is mostly depended upon one single factor and that factor is the make-up and use of the batteries for the electric vehicles. It has been found that one third of the overall cost of the electric cars is based upon the cost of the batteries. In earlier phase, the batteries for the electric vehicles used to be highly expensive and so they were not affordable buy general masses. This perspective of the electric vehicles was one of the factors behind the barricaded success of the electric cars across the globe. But in present scenario as well as in future, there will be batteries which will be highly affordable and will be cheap. The lower the cost of the batteries is, the higher is the production and sales of the electric vehicles (Thomas, 2009). The link between the cost of the batteries and the cost of the electric cars is that if companies get affordable prices then they tend to sell the cars at reasonable prices. Thus, the demand as well as the sales of the electric cars will increase. Therefore, this illustrate a direct impact of the price or cist of the batteries on the sales of the electric cars and so the effect of the sales on the demand of oil (Randall, 2016).
The electric cars may be recognized as the future vehicle but the issue is to forecast a particular time period for happening such thing from global context. The initiate steps have already been taken but still there is a long road or the electric vehicles to be accessible to each and every individual in terms of reliability, competitiveness and affordability as other common vehicles. There has been an expected increase in the urbanization, the global population, demand for travel and economic growth, there has been experienced a number ofenvironmental and energy based challenges by the transport and automotive industry. The oil consumption by the road transport is expected to increase in a dramatic way across the globe. In addition, to the present oil demand, the rapid industrialization and motorization in the non-OECD nations will also increase the demand for oil which will lead to increased prices of oil, political instability, economic burden and energy insecurity in the countries. Furthermore, the introduction of the electric vehicles and development of more efficient electric cars can help in avoiding the issues of excessive level of greenhouse gases and carbon dioxide emissions with the use of vehicles. The electric cars not only help in environment sustainability but also in accomplishing the various climate objectives.
During the phase of industrialization, the major challenge that came across was of environmental degradation. Water, air and land pollution has been considered as the key challenge for the countries and petroleum as an energy source is considered as the major factor behind the increased level of pollution across the world. It has called for the adoption of the innovative products and regulation for the new energy sources so that there can be prevented increased level of environmental degradation. Since the period of nineteenth century, the individuals, companies and the government entities are highly enthusiastic for developing electric vehicles. The electrically driven cars or the vehicles are regarded as the most efficient alternatives. The researchers and the theorists have been continuously attempting for making the automotive industry more fascinating and the automobiles more effective and thus there was introduction of the electric cars. In present scenario, there has been a distinctive energy source such as electric vehicles. The electric vehicles or the electric cars not only gained huge support across the globe but also been considered as one of the best alternative for the gas and petroleum based automobiles. In the 21st Century, the electric vehicles have gained immense success and growth because of high acceptance of the electric vehicles from government bodies, people as well as the business organisations with the aim of catering to the environmental requirements. Since 2002, there has been a sudden increase in the sales as well as demand of the electric cars and other electric vehicles. It was because of the development as well as the advancement of the car batteries which could be a consistent source of energy.
With the introduction and increased demand of the electric cars, the primary impact was posed on the oil producing countries as there takes place a situation where a number ofnegativeconsequences had to befaced by the oil producing countries and primarily Saudi Arabia with the introduction ofthe electric cars in the market. the increasing usage of the electric cars have suddenly resulted in reduced dependency upon the oil fuels and thus the demand for oil and petrol get decreased suddenly which not only diminished the overall revenue of the oil industry but also have resulted in unsustainabilityof the oil producing companies of Saudi Arabia. As soon as the dependency upon oil is decreasing, there has been an increasing threat for the oil producing companies and also for the oil industry of Saudi Arabia. Even though the gas and oil industries are currently might not facing a severe threat to their sustainability of moving into the business of electric vehicles as one of the alternative for automobiles. But just after few years, it will be a big issues and major threat for the companies and the oil industry with the decreased demand for the fossil fuels. The significance of decreasing global dependence upon the oil will be one of the biggest challenges in the upcoming phase.
By applying approaches and theories like porter five forces, strategic disruption, monopoly competition and transaction cost economics; it has been analyzed and concluded that the oil producing countries have a dual reaction towards the threat posed by the electric cars as the substitute products for the gas and petroleum vehicles. The first reaction was that the companies and the oil producing industry started taking use of strategies comprising of prolongation and diversification to overcome the threat and turned out into an opportunity and secondly by having a sort of delay in the usage of the electric cars. Whereas, the various companies of the oil and gas industry of Saudi Arabia are striving hard to improve the effectiveness and efficiency of their products so that they only can offer the customers with similar kind of substitutes such as gasoline or natural gas so that the people do not switch to the electric cars referred as prolongation. There is also an immense need that the oil and gas industry must also diversify their field of business so that they can sustain one or the other source of generating revenues. In respect with the electric cars or electric vehicles, the oil producing companies of Saudi Arabia might try to decrease the growth of the electric cars by bringing a change in the governance structure.
The reason behind is that the oil producing companies of Saudi Arabia possess a fear of losing the support from the government such as tax benefits because of the increasing environmental degradation and other harmful and negative aspects due to increased use and dependency upon the fossil fuels. The government entities are pressurized to offer their support as well as monies to support the electric vehicle technology because of its rising benefits for the societies across the globe. From the papaer4, it can be concluded that there are two powerful arguments, the first is that the various oil producing companies of Saudi Arabia could have started that the charging of the electric cars might also affect the supply of the power in various sectors. And second is that they might the batteries which are in use does not offer that adequate range for the day-to-day traffic and thus have to be disposed rapidly at the end of their lives. On the other hand, it is evident the complete electrification of the automobiles is a slow and gradual process which will need huge capital and time for bringing improved capabilities and efficiencies in the products. Thus, till that time the oil producing companies must find some other alternative ways to achieving sustainability and to stop the diminishing of their profits.
To overcome the negative implications of the use of electric cars on the oil producing countries there is a need to take effective steps and actions. Following are some of the recommendations which might be helpful in saving the oil producing companies of Saudi Arabia as well as other various countries from the negative impacts:
Demand for oil in various other sectors
The transportation sector is the one which solely accounts for approximately more than half of the total oil demand across the world. But there are various other sectors too which have a continuous and high demand for oil such as marine transportation, river, and railway and air transportation (Tamayao, et al., 2015). All these products have an increase demand for petroleum products for their day to day operations. therefore, it is recommended that the oil producing countries must have their focus on these sectors and must have a huge supply of oil to these sectors so that there can be increased demand and excessive consumption growth. These sectors are also the major sectors and are other ley ways of transportation where the electric cars do not put any sort of impact on the demand of oil. Thus, there mustbe supplied oil in these sectors at nominal prices so that demand can be raised (Richardson, 2013).
Reduced carbon and GHG emissions
The next key recommendation to save from the negative aspects of the electric cars on the oil producing countries is that there must be taken measures to reduce the emission of carbon dioxide and greenhouse gases. One of the most primary reason behind they introduction of the electric vehicles and electric cars is the growing amount of pollution which raised the concern of the organisations as well as the government bodies (Russo, Morrone and Calace, 2015). The burning of the fossil fuels resulted in increased level of pollution and to overcome this issue, there have been introduced electric cars. So, if the transportationsector decreases the amount of the emission of these harmful gases then automatically the demand for the usual vehicles driven by petrol or gas will be increased and there will be a balance between the sales of the electric cars and the usual cars. Thus, with the help of decreased emissions and increase green practices there can be saved the declining of the oil producing countries (Rubin, 2011).
Decline in Production
The next recommendation to overcome the impact of the electric cars on the oil producing countries is that there must be a decline in the overall production of the oil. The higher the production of oil is, the greater is the pressure upon the companies to supply and with the introduction of the electric cars the demand is decreased so the supply of oil to eth various foreign countries (Sperling, 2013). To overcome this challenge, there is a need that the oil and gas companies must limit their production capacity so that there is a little pressure to have sales. Thus, it is recommended that by limiting the overall production of oil, the negative implications can be managed (Scheer, 2013).
Another recommendation which might be useful for the oil producing countries to get rid of the negative impact of the electric cars is that they must reduce the prices of oil (Sperling and Gordon, 2009). The one of the major factor responsible for the growth of the electric cars s that the prices of the batteries used in the electric vehicles have reduced and now the batteries are available at affordable prices. With low cost batteries the companies are able to produce electric cars at reduced cost process. Thus, with reduced cost price and adequate profit margin there could be offered the electriccars at nominal prices to the customers who in turn increase the demand for the cars (Sorrell, et al., 2010).On the other hand, with the increased prices of oil, the people are switching to other alternatives. In that case, if the oil companies started selling the petroleum products at low prices then here might once again attained increased attention of the masses and high demand for cars driven by petrol or gas. Thus, it is recommended that there must be lowering down of the prices of oil so that demand can be raised (Sorrell, 2015).
GHG policies and regulation
The government is required to implement as well as promote “green transport policies” for the means of resource accessibility, socioeconomic prosperity, geopolitical affluence, infrastructure development planning, resource availability, resource portfolio diversification and long-term sustainability of the nation for maintaining high income from supply of oil. If the country will have safe production of oil and have a better and improved green use of the fossil fuels then there can be retained the demand for oil in future (Shiva, 2016).
Being a student and undertaking the research, on the basis of my personal observation and understanding, it has been analyzed that there is a great importance of performing such researches as they not only offer an in-depth understanding of any topic but also empowers the individual to get insights of a number of factors while conducting the research. I have gained immense knowledge of various aspects of a topic which so highly debating and to know all these knowledgeable aspects offer not only great satisfaction but also zeal to read and research more often. There are a number of learning attained by being a part of the Graduate School of Management that comprises of developing listening characteristics, increased participation, focused approach and time saving. With the help of the learning offered by GSM, I now analyze the situations and things with a more focused and practical approach which not only help me in my academic career but also will be supporting in improving my personal as well as professional career. From the workshop, research and academic go through I have learned that at thetimeofperformingresearchor thesis, it is essential that there must be very proactive and particular in selecting the sources as the selecting most accurate and correct sources is the key to develop a more string appear rather than just picking up info from any end. I also understood that there is also a need of guidance by your teachers, friends and colleagues so that a more open and extended way of understanding could be gained and a b better paper could be framed. The key importanceof this researchis that it helped in enhancing the use of my analytical and critical thinking so that an ore clear view could be gained from the study. The understanding and insights gained will also help in in my future professional environment as there had attained learning in respect with proper time management as well as importance of feedbacks. In the GSM and in the research project, I have gained a number of feedbacks from my professors which have helped in dealing it various situations and academic flaws. By taking those feedbacks in a constructive manner, I have improved in number of fields. In a similar way, it would surely build by professional career by working upon the feedbacks and improving oneself every next day. the one of the major thing which would support my personal , academic as well as professional career will beeffectiveplanning as the complete researchundertake was effective planned which not only saved my lot of time but also helped in managing deadlines and working in a well-structured way. This is one of the most insightful learning which will offer me enormous advantages in life.
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