The phrase “peak oil” has been getting a lot of airtime in the media lately. One headline scoffs at the idea of peak oil in the near future, while another says that OPEC believes rich countries have already reached it. Some articles proclaim that peak oil will be a product of demand rather than supply, while others argue the exact opposite. Either way, the threat of peak oil has certainly grabbed the attention of the media this year. Earlier this month, the International Energy Agency’s executive director Fatih Birol announced that his agency expects oil demand to plateau extremely soon – by the end of this decade. “This reinforces oil demand for cars plateauing in this decade at roughly 2019 levels of demand, before declining after 2030,” the IEA stated. The expected decrease in demand for autos “paired with current sinking demand for oil and volatile prices, and broad […]