Will global oil demand peak by 2030? Is peak oil demand the new peak oil supply?
Many trends now point in the direction of this remarkable possibility:
- In December the nations of the world agreed unanimously in Paris to leave most of the world fossil fuels in the ground.
- Oil demand has been declining in developed countries for over a decade.
- Electric vehicle sales are exploding around the world, especially China.
- Battery prices are continuing their unexpectedly rapid price drop.
- Tesla and Chevy now say their new 200-mile-range EV could cost Americans $30,000 — a game-changing price.
In November, a Bloomberg Business story, “The Oil Industry Has Been Put on Notice,” warned “the transformation of oil markets may be coming sooner than we think.” This recent Bloomberg New Energy Finance chart includes oil forecasts the International Energy Agency (IEA) has made since 1994:
Read more: Think Progress