Switch to electric vehicles could 'end oil era': Analysis

PARIS (AFP): Emerging markets switching from petrol and diesel engines to electric vehicles (EVs) could save US$250 billion annually and slash expected growth in global oil demand by as much as 70 per cent, an industry analysis showed Friday (Nov 20).

As more and more nations such as China and India look to grow their electic fleet, they are in turn reducing reliance on imported oil, with EVs forecasted to soon be cheaper to make and run than their fossil-fuel-fired cousins.