Oil isn't used for grid energy generation in most parts of the world... We shut down our last diesel plant many years ago. It's way too expensive, relatively speaking. Like, here we're using renewables to power oil extraction lol. For the most part, renewables don't compete with oil since renewables power the grid and oil doesn't. Electric vehicles can reduce oil demand somewhat, but there will still be massive demand for oil for shipping, air travel, construction vehicles and farming vehicles, for the forseeable future.