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Report: Electric cars could trim gas consumption by 20 percent

Electric cars will presumably reduce gasoline consumption in the US by five percent within the next two decades, projects Wood MacKenzie in a new report. The reduction could be even bigger if Tesla and others can lower prices as well.

Tesla, headed by Elon Musk (photo), is the world's leading manufacturer of electric cars. | Photo: /ritzau/AP/Mark Lennihan

Many signs point to gas consumption in the US going downhill when more electric cars hit the market in upcoming decades.

In a new report, consultant agency Wood MacKenzie assesses that gasoline consumption will slide by five percent over the next two decades. However, this decline could actually even reach 20 percent, according to the analysis.

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