India and China will take much longer to switch over. Electric cars are to expensive for these develping markets. They will lag behind by years. India has a $2000 gas car that they sell, no electric car will even come close to that in price.

Also world oil consumption will grow faster than what is saved via electric cars. It is also a question if that mode of transpotation is even adopted on a large scale. Hybrid will be more likely.

Keep in mind mideast unrest, these problems are not going away, including Russia. I believe oilsands will become critical to US oil suppy in the coming years.