Sales of internal combustion vehicles peaked in 2017. As more people transition to EVs, the demand for gas will go down; however, that won't result in reduced costs. As the demand for gas goes down, the cost to consumers will go up. Even without this profiteering, the cost per unit will increase.
Charles KeenerOil firms are reporting their highest quarterly profits in years due to rising gas prices caused by the U.S. and Israeli war on Iran. Over the past three months, ExxonMobil made over $14.5 billion, Chevron made $12 billion, and Shell made nearly $10 billion.