Crude oil is a finite resource that must be discovered, extracted from the earth, transported often over vast distances to refineries, converted into various usable constituent products and then shipped to disparate points of the compass to power much of the modern world. Until relatively recently, the debate over "peak oil" centered on the date at which global supply maxed out and then began a precipitous decline as deposits ran dry.
Remarkably, the attention has now shifted from peak supply to peak demand. A general consensus has emerged suggesting global demand for oil will reach a maximum within a decade or two and then begin falling. The debate now centers not on if but when peak demand arrives. By at least one oil company's reckoning, it may already be upon us, but in any event, the era of declining oil consumption is in sight, with major implications for energy companies and consumers alike.
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"Oil" - Google News
November 04, 2023 at 11:00PM
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Is the era of peak oil finally here? - Chattanooga Times Free Press
"Oil" - Google News
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