BP’s peak oil demand prediction in 2020 turned out to be wrong. A relatively large number of forecasts don’t see peak oil happening within the next few decades. Advancements in ICE engines and increased fuel efficiency have had a serious impact on fuel consumption. It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook , chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration” . That announcement came as a bit of a shocker given how aggressive BP has been in exploring new oil and gas frontiers. When many analysts talk about Peak Oil, they are usually referring to that point in time when global […]