“Peak oil demand” is the new “peak oil supply” because of climate change and plummeting costs for electric car batteries.
It’s increasingly clear that we’re not going to move off of oil because we run out of supply. Rather, we’re going to move off of oil because it is both the economic and moral thing to do.
The research firm Bernstein notes that two “existential threats to the oil industry” exist — “climate change” and “advances in battery technology and computing power, which have resulted in a surge in interest in electric vehicles and autonomous driving.” They project the peak in oil demand could come as soon as 2030–2035:
Peak Oil Could be in 15-20 Years (Image: Bernstein Research)
Read more: Think Progress