According to Bernstein Research , peak oil – when oil usage is expected to begin falling globally – could arrive as soon as 2030. While this may seem unlikely with low prices and plentiful supply today, it is not only possible, but also necessary. If this sounds like deja-vu for you, it probably is. For years, we’ve heard predictions about peak oil, including during the last “boom” a few years, when oil prices hit $150 a barrel on fears that supply would never catch up to demand. Even the 1970s OPEC oil embargo was hailed by some as peak oil (we’ve nearly doubled oil consumption globally since then). Oil today is cheap and plentiful, and it’s hard to imagine that it is anywhere near peaking, especially with countries like Saudi Arabia and, soon, Iran looking to increase production in the coming years. Moreover, new technologies such as oil sands […]