We talk a lot about Peak Oil here, but there is evidence to suggest that there is a peak demand scenario happening.
Oil use in the industrialized countries that are members of the Organization for Economic Co-operation and Development (OECD), such as the United States, Japan and western Europe may have peaked already, according to some analysts.
“There is a reasonable likelihood that OECD oil demand has peaked,” said Peter Davies, former chief economist at BP Plc who was in charge of preparing BP’s annual Statistical Review of World Energy, a standard reference work.
Does this change things? Does this mean that all the doomsday prophets will have to revise their predictions? No.
Economic and resource markets are extremely complex animals, particular outside of the OECD countries, and the apparent peaking of one against the other is cyclic, and considering that the population isn’t shrinking and investment in alternate energy and major changes in consumer choices haven’t hit the ground to offset fossil fuels, our reliance on oil is not going away any time soon. It is a non-renewable resource and should be treated as such – we need a plan B.