First it was "peak oil" and now "peak oil demand" is right around the corner. How much more of this senseless drivel do we need to endure?
Business Insider (5/6/24) reports: "It is fairly common nowadays to see relatively near-term estimates for a point at which demand for petroleum-based fuels begins to decline. The term often used to describe this 'tipping point' is Peak Oil Demand. When I say 'near term,' I mean right around the corner if you look at an estimate published last year by the International Energy Agency-IEA, an intergovernmental agency headquartered in Paris, France, and originally established after the Oil Embargo of 1973 to help cushion against future oil shocks. This agency has expanded its mission to a fairly broad remit over the years since, and it is not the purpose of this article to detail all its endeavors. One role we will highlight is that of the one it plays in gauging and advising member governments on energy security and energy sources for the coming years...What is interesting is that it is very difficult, if not impossible, to see a production trend being established that would support the bear case. In the U.S., we are pumping at a rate of over 13.2 mm BOPD and still importing ~6.7 mm BOPD to feed our nearly 22 mm BOPD daily habit. The U.S. Energy Information Agency-EIA forecasts in their monthly Short-Term Energy Outlook-STEO that by the end of 2025, global production and demand fall into a fairly tight balance at 105 mm BOPD...The message of the growth of the middle class globally often gets lost in the constant blare of climate change and energy transition noise. The fact remains that the world we live in today and the one likely to exist at mid-century, runs on oil. The notion that the world can quickly and painlessly transition to other forms of energy has developed some, not holes, but gaping craters in recent times."
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"The United States can’t preach temperance from a barstool, and right now, America is drunk on gas exports. That’s why I led a letter with over 70 colleagues thanking Biden for pausing new LNG export permits. Now let's make the pause permanent—cutting energy costs and pollution."
– Senator Ed Markey (D-MA)
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