Summary: Even in a “rapid transition” scenario the world will use over seven hundred billion barrels of oil in the next twenty years. This is more than 50% of the total oil produced since the inception of the industry in 1870. Since we have found and used most/all the cheap oil, inevitably the next 700 billion barrels will be more expensive. Peak Demand may be ahead, but “Peak Cheap Oil” is certainly behind us.
About the publisher: Richard Norris is a leading business developer and advisor to energy investors, developers, bankers and the public sector.Continue reading “What “Peak Demand” really looks like”