The growth of battery-powered cars could be as disruptive to the oil market as the OPEC market-share war that triggered the price crash of 2014, potentially wiping hundreds of billions of dollars off the value from fossil fuel producers in the next decade. About 2 million barrels a day of oil demand could be displaced
When Bloomberg published a story under a version of the above headline at around this time last year, it was based on data predicting that by 2040, 35 per cent of new cars worldwide “would have a plug.” Last week, a new graph based on new data by Bloomberg New Energy Finance has updated the
New finds at lowest since 1947 and headed even lower: WoodMac Explorers replacing just 6% of resources they drill: Rystad Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future
“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
Coal and gas will begin their terminal decline in less than a decade, according to a new BNEF analysis. The way we get electricity is about to change dramatically, as the era of ever-expanding demand for fossil fuels comes to an end—in less than a decade. That’s according to a new forecast by Bloomberg New
U.S. companies erased more than 20 percent of inventories Regulator examined estimates as wells lingered on books Ultra Petroleum Corp. was a shale success story. A former penny stock that made the big leagues, it was worth almost $15 billion at its 2012 peak. Then came the bust. Almost half of Ultra’s reserves were erased
ADDRESSING a high-profile audience of the Thai energy sector last week, Stanford University lecturer and Silicon Valley investor Tony Seba minced no words in warning them that petroleum, which had been a source of livelihood to many of them, would become obsolete by 2030 or sooner. Citing four key technologies – energy storage, electric vehicles,
British MPs launch landmark report on impending environmental ‘limits’ to economic growth A report commissioned on behalf of a cross-party group of British MPs authored by a former UK government advisor, the first of its kind, says that industrial civilisation is currently on track to experience “an eventual collapse of production and living standards” in
I’m including this as a follow-on to my blog post of last summer: It’s time to call Peak Oil. The recent EIA drilling productivity reports show a peaking of shale oil production in the main production regions. https://www.eia.gov/petroleum/drilling/ The 1st panel shows that the number of drilling rigs has dropped sharply but the initial well production
Dutch Labour party wants to halt the sales of petrol and diesel cars by 2025; is this the beginning of the end for the mass-produced combustion engine? Dutch Labour party PvdA is pressing for the banning of sales of all petrol and diesel cars in the Netherlands from 2025. The proposal has been met with
