Credit: Green Car Reports

It goes without saying that mass adoption of electric cars would lead to a massive decrease in oil consumption over time.

So far, though, the oil industry hasn’t seemed to give plug-in electric cars much attention.

ExxonMobil and OPEC have both predicted that, even by 2040, electric cars will make up less than 10 percent of global new-car sales.

But a leading credit agency believes the oil industry should view electric cars as a much more serious threat.

Fitch Ratings believes electric cars pose a “resoundingly negative” threat to oil companies, and that the industry should plan for “radical change,” according to the Financial Times (subscription required).

In a report on the potential impact of battery technology on established industries, Fitch acknowledged that mass electric-car adoption could be a long, drawn-out process.