{"id":55860,"date":"2020-12-03T10:55:39","date_gmt":"2020-12-03T15:55:39","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55860"},"modified":"2020-12-03T10:55:39","modified_gmt":"2020-12-03T15:55:39","slug":"peak-oil-is-suddenly-upon-us","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55860","title":{"rendered":"Peak Oil is Suddenly Upon Us"},"content":{"rendered":"
\n
\n
\"title\"<\/div>\n<\/div>\n
\n
\n
\n
\n

Peak Oil is Suddenly Upon Us<\/a><\/h3>\n
A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil\u00a0\u00a0had already passed, they would have been laughed right off the drilling rig. Then 2020 happened.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
\n
\n

Planes stopped flying. Office workers stayed home. \u201cZooming with the grandkids\u201d replaced driving to see family. A year of global hunkering yielded the sharpest drop in oil consumption since Henry Ford cobbled together the first Model T. At its worst, global demand dropped by a staggering\u00a029 million barrels a day<\/a>.<\/p>\n

As a once-in-a-century pandemic played out, British oil giant BP Plc in September\u00a0made an extraordinary\u00a0<\/a>call<\/a>: Humanity\u2019s thirst for oil may never again return to prior levels. That would make 2019 the high-water mark in oil history.<\/p>\n

BP wasn\u2019t the only one sounding an alarm. While none of the prominent forecasters were quite as bearish, predictions for peak oil started popping up everywhere. Even OPEC, the unflappably bullish cartel of major oil exporters, suddenly acknowledged an end in sight\u2014albeit still two decades away. Taken together these forecasts mark an emerging view that this year\u2019s drop in oil demand isn\u2019t just another crash-and-grow event as seen throughout history. Covid-19 has accelerated long-term trends that are transforming where our energy comes from. Some of those changes will be permanent.<\/p>\n

It\u2019s often difficult to recognize civilization-sized shifts in behavior until after they\u2019ve occurred. Until the pandemic none of the major oil forecasters had seen an imminent\u00a0demand peak. The debate won\u2019t end now, especially with signs that the pandemic will ease in 2021. But if we look back from here and see the oil peak clearly in the past, what follows will be the evidence of how the energy future snuck up on us.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Peak Oil is Suddenly Upon Us A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil\u00a0\u00a0had already passed, they would have been laughed right off the drilling rig. Then 2020 happened. Planes stopped flying. Office workers stayed home. \u201cZooming with the grandkids\u201d replaced driving to see family. A […]<\/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":[83,30663,617,30662],"class_list":["post-55860","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bloomberg","tag-hayley-warren","tag-peak-oil","tag-tom-randall"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55860","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=55860"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55860\/revisions"}],"predecessor-version":[{"id":55861,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55860\/revisions\/55861"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}