{"id":29893,"date":"2018-01-19T07:33:16","date_gmt":"2018-01-19T12:33:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29893"},"modified":"2018-01-19T07:33:16","modified_gmt":"2018-01-19T12:33:16","slug":"peak-oil-demand-is-a-slow-motion-train-wreck","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29893","title":{"rendered":"Peak Oil Demand Is A Slow-Motion Train Wreck"},"content":{"rendered":"

Peak Oil Demand Is A Slow-Motion Train Wreck<\/a><\/h3>\n\"oil\"<\/picture>\n
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Will oil demand peak within five years? 15 years? Or not until 2040 or 2050?<\/p>\n

The precise date at which oil demand hits a high point and then enters into decline has been the subject of much debate, and a topic that has attracted a lot of interest just in the last few years. Consumption levels in some parts of the world have already begun to stagnate, and more and more automakers have begun to ratchet up their plans for electric vehicles.<\/p>\n

But the exact date the world will hit peak demand kind of misses the whole point, argues a new report<\/a>, which is notable since it is coauthored by BP\u2019s chief economist Spencer Dale, along with Bassam Fattouh, the director of The Oxford Institute for Energy Studies.<\/p>\n

They argue that the focus shouldn\u2019t be on the date at which oil demand peaks, but rather the fact that the peak is coming at all. \u201cThe significance of peak oil is that it signals a shift from an age of perceived scarcity to an age of abundance,\u201d they wrote. In other words, oil won\u2019t be on the only game in town when it comes to fueling the global transportation system, which will have far-reaching consequences for oil producers and consumers alike.<\/p>\n

The exact date is unknowable, and in any event, the year in which the world does hit peak consumption won\u2019t result in some abrupt \u201cdiscontinuity of behavior,\u201d the report argues. Demand growth will slow and then decline, but probably won\u2019t fall off a cliff. So, the exact date of peak oil demand is \u201cnot particularly interesting.\u201d<\/p>\n

Nevertheless, the implications of a looming peak in oil consumption are massive. Without an economic transformation, or at least serious diversification, oil-producing nations that depend on oil revenues for both economic growth and to finance public spending, face an uncertain future.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Peak Oil Demand Is A Slow-Motion Train Wreck Will oil demand peak within five years? 15 years? Or not until 2040 or 2050? The precise date at which oil demand hits a high point and then enters into decline has been the subject of much debate, and a topic that has attracted a lot of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[6010,1039,589,5332,5605,13669],"class_list":["post-29893","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-nick-cunningham","tag-oil-consumption","tag-oil-demand","tag-oilprice-com","tag-oxford-institute-for-energy-studies","tag-peak-oil-demand"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29893"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29893\/revisions"}],"predecessor-version":[{"id":29894,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29893\/revisions\/29894"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}