Big energy fears peak oil demand is looming

15 Mar 2017   China, Peak Oil

In an attempt to improve the quality of Beijing’s polluted air , the authorities are planning to mandate that every new taxi in the city must be electric or gas-fuelled, China’s National Business Daily reported last month. Beijing’s taxi drivers are no fans of the electric cabs in use there since 2014, complaining about inadequate battery range, alarming performance dips in cold weather and insufficient charging stations. But the thought of the Chinese government taking concerted action to push road transport towards alternative fuels will send chills down the spine of every oil producer worldwide. The prospect of “peak demand” for oil — an end to growth in global consumption — has been discussed in the energy industry for many years, without apparently coming much closer. But some of the world’s leading oil companies now see peak demand and sustained lower crude prices as a risk that they need […]

Comments are closed.