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Peak oil demand: Peak oil didn’t go away, it just changed its name

Posted on 26 September 2013

A new phrase has entered our energy lexicon—peak oil demand. The essential idea: prophets of doom who warned about a looming global petroleum shortfall (“peak oil”) were wrong; instead of a downturn in supply, we’re instead seeing the shrinkage of demand for oil. A non-problem just solved itself! Nothing to see, folks; move along.
What’s wrong with this framing of our energy situation? Plenty. To understand what and why, it’s helpful to start with a sense of who’s crooning the “peak demand” tune: it’s long-time peak oil critics like Daniel Yergin—the oil industry spokesman who, throughout the past decade of soaring oil prices, repeatedly assured the public that prices were going to fall back to historic levels……………………………………….Full Article: Source


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