Yes it is going to hurt the oil industry in the long run because I am sure that most people in the future are going to go over to electric vehicles.
The oil industry is always going to be there because allot of other things need oil besides vehicles.
It will hurt the oil industry that serves car as fuel but remember that fuel for cars is just a by-product of crude oil as a result of refining. There are other products that can be taken from refining crude oil like kerosene and LPG which is used in cooking and definitely we are still far from seeing an electronic Air Plane or an air plane run by electricity.The oil industry is always going to be there because allot of other things need oil besides vehicles.
Equipment's that is used to produced e-cars use oil in maintenance and lubricating and preventing wear and tear of those huge and expensive engines.
You even forgot about the huge application field of oil derivatives in the plastics industry, which I think is even more significant than the refining of oil for lubrication and kerosene. However the use of gasoline in the combustion engine of cars is still one of the biggest demand factors for crude oil. Widespread introduction of electric cars will therefore reduce demand for crude oil significantly.
That said, I think this transformation will still need much more time than many people tend to think. Even today only a tiny fraction of worldwide sales of new cars have electric engines. And most cars are used for several years, especially in developing countries. So replacement will go on quite slowly.
In the end, the oil industry will not die. It will transform and competition will surely lead to improvements and innovations in the remaining fields of applications for oil.
ya.ya.yo!
