Photo of oil refinery courtesy of Dollar Photo Club prior to their merger into Adobe Stock.
Will demand for oil decline in the next decade or two? Or will demand continue to grow? Sorting out questions like that makes my brain hurt.
The Wall Street Journal had an extra report section 5/22/17 called Innovations in Energy. Some interesting comments:
5/22/17 – Wall Street Journal – Get Ready for Peak Oil Demand – In yet another complete repudiation of the foolish forecasts of Dr. M. King Hubert, there is a gathering consensus that instead of Peak Oil, meaning we will use up all the oil someday, we may be facing Peak Oil Demand, which is the idea that oil consumption may fall because of various factors such as improved efficiency in vehicles, electric/hybrid cars, and reliance on solar/wind power.
There are a lot of implications of Peak Demand, if that actually turns out to be a real thing.
For starters, there is massive impact on oil companies and the impact on oil prices. One additional factor is there would be an end to the severe pressure to always be finding more oil.
Article provides guesses from 7 major players in the energy world as to when we will see peak oil demand: