It’s not just Big Oil that believes this to be true. The International Energy Agency (IEA), the watchdog for large, developed energy-consuming economies, agrees. According to the IEA, an estimated 50 million electric vehicles will be in operation by 2025, and 300 million by 2040, compared to about 2 million vehicles currently on the road. That growth is expected to reduce global oil demand by 2.5 million barrels a day or about 2%. A factor of 6-to-1 easily offsets that reduction with increased demand from petrochemicals, trucks, shipping and aviation – areas the IEA says could lead to net demand growth of up to 14 million barrels a day.