Hi Jamie,
Gasoline is many time more dense energy storage than batteries. so catching gas with electric in land speed racing is a ways off.
Last summer our electric motorcycle with rider Carlin Dunne was the fastest up the pike peak mountain beating every gas bike the showed up. Same bike as Land speed record with different fairings and rear sprocket.
Check out this link:
http://www.asphaltandrubber.com/raci...-race-results/
Some people say the it was because electric doesn't loose power with altitude. But if you look at the sector times, he was also the fastest at the bottom of the mountain.
Bob