Peak oil losing credibility as renewables shift accelerates  

Posted by Big Gav in

The ABC has a report on the decreasing levels of belief in peak oil (with Shane Oliver predicting peak oil will be due to consumption shifts not supply limitations) - Peak oil losing credibility as renewables shift accelerates.

AMP's Shane Oliver believes that, rather than facing a peak oil shock, consumers and industries will continue to move away from fossil fuels in an orderly manner as a wider range of renewable technologies get closer to affordable reality. "What's going to happen is that oil production globally will at some point peak but it's going to be because the world has moved away from oil towards the use of other things," Dr Oliver told AM. "The electrification of automobiles and greater efficiency in the use of oil will drive a decline in the demand through time anyway."

Dr Oliver said that, rather replicating a shock in the 1970s when OPEC restricted supply, the globe is undergoing a quiet revolution that will see the world requiring less oil. "Only a decade ago I was being told that I've got to get rid of my car and replace it with a horse and buggy. That prospect appears as less likely," Dr Oliver said. "The reality is the days of the internal combustion engine using oil are numbered, and I won't be getting rid of the car and getting a horse and buggy - I'll perhaps be getting a car with an electric engine."

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