peak oil demand

Electric vehicle sales are growing faster than expected around the world, and sales of gas- and diesel-powered vehicles have been falling. Yet, the U.S. government still forecasts an increasing demand for oil, and the oil industry is doubling down on production plans. Why is that, and what happens if the U.S. projections for growing oil demand are wrong? I study sustainability and global energy system transformations. Let’s take a closer look at the changes underway. EVs’ giant leap forward On Sept. 12, 2023, Fatih Birol, director of the International Energy Agency, an intergovernmental organization that advises the world’s major economies, drew global attention when he wrote in the Financial Times that the IEA is now projecting a global peak in demand for oil, gas and coal by 2030. The new date was a significant leap forward in time compared with previous estimates that the peak would not be until the 2030s for oil and even later for gas. It also stood out...