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A legendary investor thinks driverless cars will actually raise the price of oil

A man looks around Tesla Motors' Model S P85 at its showroom in Beijing January 29, 2014. REUTERS/Kim Kyung-Hoon/File Photo

It should come as no surprise that the rise of electric vehicles has broad implications for the price of oil.

Now, you’d think that as more of the cars on the road are powered by batteries rather than petrol, demand for oil will slide. And in the long-term, that maybe true.

In the short term, however, electric vehicles could actually lead to a spike in the oil price, according to Dwight Anderson, the legendary commodities investor and cofounder of hedge fund Ospraie Management.

In an interview with RealVisionTV published earlier this month, Anderson said:

“So that EV side is going to read more >>>

Source:: BusinessInsider.Com