The Economist has proclaimed “The Death of Internal Combustion Engine” because of the recent advances in electric vehicle technology.

The respected journal’s editors believe that gasoline and diesel-powered vehicles will be history within a few years. The governments of France and the United Kingdom agree, both regimes have decided to ban sales of new internal combustion powered vehicles by 2040 or 2050 in an attempt to control air pollution.

“The shift from fuel and pistons to batteries and electric motors is unlikely to take that long,” The Economist editors noted. “The first death rattles of the internal combustion engine are already reverberating around the world—and many of the consequences will be welcome.”

What’s truly interesting is that The Economist editors seem to think that petroleum-burning autos might vanish long before that. They noted that analysts at UBS reported that the cost of owning an electric vehicle and a gas or diesel burner will be equal sometime next year. UBS experts think that 14% of car sales will be electric by 2025 – up from 1% today.

Auto Industry and Investors Dumping Internal Combustion Engine

Several major automakers agree, Volvo has decided to switch to all electric and hybrid production. Meanwhile Fiat-Chrysler’s Maserati, Tata’s Jaguar, BMW, trucker maker PACCAR; the parent of Kenworth, and BMW’s Mini have also announced plans to offer electric models. Not to be done Tesla is rushing to bring its Model 3 into widespread production.

They are not the only ones see the writing on the wall; one of the world’s biggest oil traders Andy Hall has decided to shut down his hedge fund and leave the business, Bloomberg News reported. Hall is quitting because he cannot make money in oil because of weak demand and trading algorithms.

“The fact that OPEC has had to talk about further extending its production cuts is ultimately a sign of weakness, not of strength,” Hall wrote in his goodbye letter to investors. “The medium-term outlook for oil still looks challenging with, if anything, balances for 2018 having deteriorated in recent weeks.”

Hall is the second major oil business figure to quit in the last year. In January Exxon-Mobile CEO Rex Tillerson left his private job to become U.S. Secretary of State. When he quit, Tillerson liquidated all of his Exxon-Mobil (NYSE: XOM) stock. One reason why Tillerson entered “public service” was to get out of oil so he wouldn’t lose a lot of money when Exxon-Mobil collapses.

It looks as if the internal combustion is truly dying, one has to wonder what energy source will replace it as our principal energy source.