{"id":59849,"date":"2021-10-12T09:17:36","date_gmt":"2021-10-12T14:17:36","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59849"},"modified":"2021-10-12T09:17:36","modified_gmt":"2021-10-12T14:17:36","slug":"crude-oil-prices-will-go-the-way-of-whale-oil-as-demand-has-peaked-says-arks-cathie-wood","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59849","title":{"rendered":"Crude oil prices will go the way of \u2018whale oil\u2019 as demand has peaked, says ARK\u2019s Cathie Wood\u00a0"},"content":{"rendered":"
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Crude oil prices will go the way of \u2018whale oil\u2019 as demand has peaked, says ARK\u2019s Cathie Wood<\/a><\/h3>\n

Rising crude oil prices are a factor of supply rather than demand, she says<\/strong><\/p>\n<\/div>\n

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An old building of a British shipping base, which was consumed by a mudslide sparked by a volcano, crumbles at Whalers Bay in Deception Island, in the western Antarctica peninsula on March 06, 2016. In 1912 the Hektor Whaling Company was issued with a license to establish a shore-based whaling station. Approximately 150 people worked at the station during the austral summer, producing over 140,000 barrels of whale oil.<\/h4>\n

AFP VIA GETTY IMAGES<\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Much like the whale oil trade at its peak in the mid 1800s, crude oil prices have probably topped.<\/p>\n

That\u2019s according to Cathie Wood, founder and CEO of Ark Investment Management, who spoke of a coming peak in crude oil prices due to the arrival of electric vehicles (EV), in a\u00a0series of tweets<\/a>\u00a0late Thursday.<\/p>\n

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Citing U.S. Energy Information Administration data, the investment manager said global oil demand peaked at 101 million barrels per day (mbd) in 2019, dropped to 92 mbd during the coronavirus in 2020, and has since rebounded to 97 mbd in 2021. \u201cBased on our forecast for EV sales, @ARKInvest believes that oil demand has peaked,\u201d\u00a0Wood said<\/a>.<\/p>\n

ARK\u00a0has predicted\u00a0<\/a>that EV sales will rise roughly 20-fold from around 2.2 million in 2020 to 40 million units in 2025, and industry heavyweight Tesla\u00a0TSLA,\u00a01.54%<\/a>\u00a0is the\u00a0biggest holding<\/a>\u00a0in the flagship ARK Innovation exchange-traded fund\u00a0ARKK,\u00a01.04%<\/a>. She also pointed to pension funds who are demanding oil companies reduce capital spending while Wall Street banks are denying them money for fracking, as OPEC is \u201cholding the line on supply\u201d.<\/p>\n

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

Crude oil prices will go the way of \u2018whale oil\u2019 as demand has peaked, says ARK\u2019s Cathie Wood Rising crude oil prices are a factor of supply rather than demand, she says An old building of a British shipping base, which was consumed by a mudslide sparked by a volcano, crumbles at Whalers Bay in […]<\/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":[2,3],"tags":[31952,184,23544,265,5220,589,596],"class_list":["post-59849","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-barbara-kollmeyer","tag-crude-oil","tag-crude-oil-price","tag-energy-crisis","tag-marketwatch","tag-oil-demand","tag-oil-supply"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59849","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=59849"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59849\/revisions"}],"predecessor-version":[{"id":59850,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59849\/revisions\/59850"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}