Peak oil demand and why it’s basically impossible to predict

21 Feb 2017   Peak Oil

In the past, forecasters had a relatively simple method of estimating whether demand for oil would increase or decrease and by how much. For the most part, they simply looked at the economy. If people were making more money, it was safe to assume they would spend more, travel more and head to the car dealership more often. Now, technologies like electric cars, ride-sharing programs, and autonomous-driving systems are forcing experts to completely rethink their expectations for the future. Their job is becoming a lot more challenging. ‘What you’re seeing is a lot of uncertainty in the transportation sector.’ – Kevin Birn, IHS There’s still a correlation between oil demand and economic activity, but a number of other factors are also at play, making it exceptionally difficult to project how much oil we’ll consume in the future. That’s why some major industry players are presenting multiple alternative models of […]

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