A Contrarian View On The Peak Oil Debate

24 Aug 2017   Peak Oil

Summary Because peak oil demand theory has become self-evident truth, it is hard to even suggest at this point that the theory might be wrong, even when backed by solid evidence. Conventional oil production only increased by about 1.5 mb/d over the past decade. Discovery as well as current reserves data suggest a peak and decline will occur within the next decade. Expectations of unconventional oil sources making up for any loss in conventional production and making up for yearly demand growth are highly misplaced. A combination of two major trending stories from the past few years provided for a very powerful one-two punch against the whole peak oil supply theory. On the supply side, we have the U.S. shale revolution, which brought an additional 5 mb/d on the global market since 2008. On the demand side, we have had increasing speculation in regard to EVs killing oil demand […]

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