By 2030, the world's consumption of oil will drop due to increasing electric vehicle sales, according to a report by Bank of America. Other researchers disagree on the timeframe. The report is useful for highlighting the term, "peak oil demand."
A new report from Bloomberg New Energy Finance predicts that due to a plunge in battery prices and improvement in battery technology, electric vehicles will be cost-competitive with gasoline vehicles in eight years. By 2040, they will outsell them.