The effects of Solar Automobiles on the US economy

As the world moves further with technology, the next big step will be the introduction of solar powered cars. For years, cars have relied on oil, for gasoline, their primary form of power. The Unites States, only being able to produce so much oil, has relied on importing it from other countries. 63% of all oil is used as fuel (gasoline) for automobiles (Perkins, "Production" 6). With increasing use of automobiles in everyday life, the U.S …

…short-term effect would be devastating. The introduction of solar powered would virtually abolish the oil industry, causing a domino effect in the economy. Hundreds of thousands of jobs would be cut. Business owners and governments involved in the oil industry would have profits dropped overnight. Its effect would be devastating to an economy, which derived a great amount of profit from the selling and mining of oil, to meet its consumer's needs for mass transportation.