Production of electric vehicles is predicted to top four million worldwide this year. As demand for electric cars soars, the cobalt crisis being faced by the industry will only worsen, experts warn.
The hosts of Keiser Report discuss the trend for electric cars, which Tesla CEO Elon Musk has popularized.
“We are running into the same old conflict that we had with the combustion engine, oil-based cars, and the resource, how to get the resource,” says Stacy Herbert.
“Capitalism works if the price signals are clear and they reflect supply and demand,” Max Keiser adds.
He explains that’s the same problem as with fossil fuels and with oil in particular. According to Max, for 50 years we had an inaccurate price point for oil. “The price of an oil gallon should be at this time probably $90 to $100 per gallon to truly reflect the actual cost in a true free market capitalist system,” he says.
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