Discoveries in the Salton Sea here in the US are forecast to be able to provide enough Lithium for 375 million EVs... alone.
New chemistries, including FLPs, remove the need for Cobalt and Nickel in the battery cells.
You're also aware that oil refineries are one of the biggest users of Cobalt today, right? At least in a battery the material can be recovered when it cell hits EOL.
As I've said before, battery manufacturers are all aware of the issues involved with scaling production, and especially the cost issues involved in depending upon scare/expensive materials. The batteries of tomorrow are not going to be the cells of today.
We've already seen this happen in the shift to LFP from NCM cells.
Regardless, it appears that even companies like Exxon are recognizing the reduced demand for gasoline and looking to shift production to other areas.
There's still oil revenue to be had, just not so much from burning gasoline and diesel.
