ELI5; What will happen to the oil producing countries when we switch away from fossil fuels?

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ELI5; What will happen to the oil producing countries when we switch away from fossil fuels?

In: Economics

They’ll adapt to other means of producing products. There will always be a need for at least some fossil fuels. Oil is used to produce both plastic and rubber products.

They’re already setting up renewable energy sources. They have been for years. [For example, this article is 4 years old. ](https://www.google.com/amp/s/globalriskinsights.com/2017/04/middle-east-solar-energy-gold-rush/amp/)

we arabs have this saying that goes something like this… “My Grandfather road a camel, my father a Mercedes, and I a Range Rover. My son might drive a Range Rover, but his son will ride a camel.”

Probably just a slight reduction in regards to using it as a fuel source other then this; Absolutely nothing, everything you touched, consumed, and utilized on a daily basis; oil has a part in its production, cultivation or distribution. This idea we don’t need oil is a misunderstood fable. We do not need to burn it to to get from point a to point b as a daily driver for the general consumer. That’s about it. If anything ;

We as a while society would not see a change in consumption of oil to the relitive levels because we would probably drive up the consumption of oil through consumerism of products.

Norway invests a lot of the money they get from oil into the stock market, because they realize the oil isn’t going to last forever. That [investment](https://www.nbim.no/) is currently worth more than $1.3 trillion, or $255,000 per Norwegian.