How Does the Recent Oil Slump Compare?
How Does the Recent Oil Slump Compare?
There’s no question that the recent slump in oil prices is historical in both its extent and global implications. But how does it compare to other famous oil slumps in history?
From June 2014 until the end of the year, crude dropped 49% overall. It turns out it is a big decline, but nothing that trumps the storied slumps of 1990-91, 1996-98, or late 2008. During the Financial Crisis, oil dropped over 67% in the last six months of 2008, before recovering in a big way with the rest of commodities.
While oil had a strong rally of recent in January, yesterday it had its largest one day drop in recent months of -8.7% due to oil inventories reaching 80 year highs.
It’s no wonder – look at recent US production. Business Insider’s Chart of the Day shows that there is no sign of slowdown here at all.
Original graphic from: Business Times
4 Benefits of LFP Batteries for EVs
LFP batteries are gaining popularity in EVs, with brands like Tesla and Ford increasingly adopting this technology due to their benefits.
LFP Batteries for Electric Vehicles
Even though the technology behind EVs has evolved significantly over the past decade, batteries have always been a critical component.
Lithium iron phosphate (LFP) batteries are becoming an increasingly popular choice for standard-range EVs, with major automotive producers like Tesla and Ford introducing LFP-powered vehicles into their catalog.
In this infographic, our sponsor First Phosphate highlights the advantages of using LFP cathode batteries in EVs.
Benefit 1: Safety
LFP batteries are among the safest types of lithium-ion batteries, with a low risk of overheating and catching fire.
These batteries are less prone to thermal runaway and do not release oxygen if they catch fire, making them safer than other lithium-ion batteries.
Benefit 2: Long Life Cycle
LFP batteries have a longer lifespan than other types of lithium-ion batteries due to their low degradation rate. Meaning they can be charged quickly without significant battery damage, therefore leading to a longer lifespan.
LFP batteries can also withstand a larger number of charge and discharge cycles, meaning they can last longer before needing to be replaced.
Benefit 3: Cost-Effective
The materials used to produce LFP batteries are also relatively cheap compared to other types of lithium-ion batteries.
The main cathode materials used in LFP batteries are iron and phosphate, and they are in relative abundance in contrast to other battery metals. This makes them a cost-effective option for a variety of energy storage applications.
Benefit 4: Environmentally Sustainable
LFP batteries are environmentally sustainable because they are non-toxic and do not contain harmful heavy metals such as cobalt or nickel.
The materials used in these batteries are easier to source ethically, which makes them a more sustainable option than other types of lithium-ion batteries.
What’s Inside the Battery?
Most EVs utilize battery packs consisting of multiple individual battery cells. Similar to other types of lithium-ion batteries, LFP battery cells are made up of several components.
The cathode is the battery’s positive electrode and impacts its performance. It determines aspects such as energy capacity, charging and discharging speed, and the risk of combustion.
In LFP batteries, the cathode composition consists of three elements.
Today, these batteries are becoming increasingly popular in standard-range EV models. LFP market share has significantly increased, reaching its highest share in the past decade at 30% of the market in 2022, according to the International Energy Agency (IEA).
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the LFP battery industry.
Click here to download First Phosphate’s Investor Deck now.
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