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Worldwide Oil Demand May Soon Peak

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Jessica Rinaldi
/
Reuters/CSM

For years, analysts feared the world had reached a peak in the supply of crude oil, and that supplies would begin to diminish rapidly as demand increased, sending prices skyrocketing. This situation is known to analysts as “peak oil.”

Now, as The Christian Science Monitor reports, the opposite phenomenon may be occurring. That is, the world may reach peak demand before it ever gets a chance to hit “peak oil.”

With technology reinventing itself almost daily, transportation alternatives continue to improve. That means, instead of sucking every drop of crude from the earth, we may be able to leave some of it in the ground.

A recent report from the World Energy Council estimated that world petroleum consumption would top out in 2030 and decline thereafter. In the face of declining demand, we may see High Plains producers moving more investment dollars into other sectors, like wind or solar.