Will the world’s appetite for crude oil ever be sated? For decades, it was widely presumed that demand for petroleum would grow steadily in line with the expansion of the global economy, as more people drove, more cities were built and more energy was needed to fuel industrial expansion. But a number of major energy companies now believe peak demand to be just around the corner, and are preparing to meet it head-on. At the International Economic Forum in St. Petersburg, BP CEO Bob Dudley was asked when peak oil demand would be reached. He quoted a precise date: June 2, 2042. The company’s annual Energy Outlook estimates demand for crude will max out in the next twenty-five to thirty years. The most important factors affecting peak demand include global GDP growth (stronger economies mean higher energy demand), the pace of climate policy and expansion of electric vehicles (EV), […]