Nearly a decade ago, I talked about the concept of “peak oil.” Simply put, this theory states that global oil production will hit a maximum level before declining. When oil prices hit a record high of $147 a barrel in July 2008, many analysts focused on the supply-demand equation and the topic of peak oil. Back then, peak oil pertained to supply. People saw out-of-control global demand as a sign that the supply would peak… before it would run completely dry. But then the introduction of hydraulic fracking and horizontal drilling blew the peak oil argument right out of the picture. So much new supply has been developed over the last decade due to fracking, and the U.S. is now the world’s top crude producer. Fast-forward to 2018. The introduction of electric vehicles is close to its tipping point. When that happens, EVs will quickly become the dominant vehicles […]