For decades there have been predictions of peak oil and the disastrous consequences it will have on society. As the theory goes, eventually the world’s oil reservoirs will run out of oil, driving us to more expensive reservoirs and higher oil prices until there’s not enough cheap oil to serve the world’s energy needs. Essentially, there will be a peak in cheap oil supply. Those who fear peak oil also often think there will be a cascade of economic disasters as a result of this peak in cheap oil supply. Today, there is emerging evidence that a peak is on the horizon — but it’s not a peak in supply, it’s a peak in demand. Energy efficiency is improving, alternatives are becoming viable, and oil just isn’t as attractive as it once was to consumers. The result could be a peak oil scenario that works in exactly the opposite […]