Summary Demand for oil has increased every single year since the 2008 recession. In spite of EV sales, the global non-EV fleet keeps increasing. Rapid, or even rabid, growth will take a long time to stop the ICE fleet from expanding. The market makes the news. Negative price action begets negative stories, and vice-versa. The media is hooked on causality and will go to great lengths to establish a link. The last 6 months have seen oil prices remain steady in spite of OPEC cuts leading to the “Peak Oil Demand” stories. The argument there can be summed up in 3 main points. Renewable energy push will decrease demand for oil. Banning of internal combustion energy (ICE) vehicles will decrease demand for oil. Global oil consumption has likely peaked, and coupled with increasing shale oil supply, will keep prices depressed forever. In all likelihood, oil prices will be significantly […]