The EIA report says that increases in fuel-efficiency standards, use of renewable fuels and advances in technology will translate into less dependence on imported oil. At the same time, the reports projects that hybrid vehicles will comprise 38% of total sales by 2030 – a hefty share if any investor is willing to wait 21 years for that kind of growth.

While some form of battery-powered vehicle will emerge in the coming decades, the U.S. market will also see a diversification in fuel consumption flex-fuel, hybrid, and diesel vehicles, according to the report.

While this growing adoption of new fuels is bound to impact the sales of hybrid and electric vehicles, Detroit is ramping up production of small fuel-sipping cars that could meet or exceed the mileage of any kind of car with a battery.

It’s going to be a zero-sum game when it comes to oil imports versus gasoline consumption. The EIA reports that overall liquid fuel demand will increase by 1 million barrels per day between 2007 and 2030, during which we’ll see a dramatic increase in miles per gallon among different types of fuels.

During this historic transition, hybrid vehicle sales will rise from 2% in 2007 to 38% in 2030 (sales are tracking at around 2.4% for 2008), with full and mild hybrid systems accounting for most of that. Sales of plug-in hybrid electric vehicles (PHEVs) are expected to grow to 90,000 vehicles annually by 2014, supported by recently enacted tax credits. By 2030, PHEVs account for 2% of new light vehicle sales.

These numbers clearly show that hybrids will be the green vehicle of choice over PHEVs — or will they?

Ford CEO Alan Mulally said earlier this month that it will stay the course of bringing small, fuel-sipping cars to the marketplace.

Mulallay believes is betting that fuel prices will stay relatively high, and that consumers will continue to adopt small cars. This is certainly true, but the questions looms if Americans are willing to pay more for a hybrid than a cheap, high-mileage gas car.

These sub-compacts and microcars produce profit margins of $2,500 to $3,500 compared with $8,000 or more in profit for SUVs and pick-up trucks. So while Ford will manufacture and import these tiny cars, the other question that needs to be asked is where Ford will put its marketing dollars? Into microcars or SUVs?

The other consideration is safety. It’s hard to believe that SUV-driving soccer moms will be real eager to shuttle around their kids in something like a Chevy Aveo.

Bottom line is that hybrids could be the vehicles of the future — 21 years from now. Are you willing to wait that long?