In the long run it will be bad for the oil industry because I believe that more people will step over to electric cars in the future. I do believe that oil still will be needed in the future.
Oil will still be needed in the future because oil is used by the society not just to make a car run. But assuming that all cars will become electric cars, oil will be affected a lot. The oil companies might even do some promos just to promote oil-powered cars.
Having electric cars is good for the environment though. And also we all know that countries are fighting over the gas supply. Fuel is quite expensive too, so there's a possibility that people will soon use electric cars instead.