As President Trump tries to strangle wind projects in the US, nine European countries have signed a deal to build a vast offshore wind farm in the North Sea, the epicenter of the continent’s oil and gas industry
Electricity can be used to create artificial fuels, which can be used for regular vehicles
Regarding the transportation market, fossil fuels and electricity are in direkt competition for the cash of the consumers. For years, fossil fuel prices could climb as much as they like - there was hardly any alternative. Today however, FF can only get more expensive until people start switching to EVs. More EVs = more market pressure on FF prices due to reduced demand.
Less exposure to geopolitical crises. FF prices react strongly to wars, production cuts, international tensions, etc. An energy system with a high share of renewable energy is more resilient. It reduces the risk of extreme energy price shocks, which often also drive up fuel prices.
in parts of Asia, oil is still used for electric power generation. For now, it is essential there for air conditioning in hot and very humid weather, and life-critical during heat waves, but can be replaced with solar panels in relatively short time.
also, oil and gas are so far used for heating, and this is being replaced by electric heat pumps. This has already gone a long way in Scandinavia, and is being ramped up in the rest of Europe. The heat pumps can be powered with wind power, which is quite abundant in European winter, especially in coastal and Northern Europe.
Please explain how electricity helps with fuel prices.
There are some indirekt, but significant points.
some more links, partially a lot more direct: