WSJ: Oil Industry Anticipates Peak Oil Day of Reckoning  

Posted by Big Gav in

The Wall Street Journal has an article on the looming prospect of peak oil demand - Oil Industry Anticipates Day of Reckoning.

Last month Shell finance chief Simon Henry caused a stir when he said the company sees oil demand peaking in five to 15 years. Shell’s latest published forecasts have consumption flattening toward the end of that period.

State-owned China National Petroleum Corp. quietly issued a report in the summer predicting that China’s oil consumption—a major driver of growth in recent decades—will begin to fall by 2030, if not sooner. Global demand is expected to follow suit.

The International Energy Agency, which advises industrialized countries on energy policy, says consumption will continue to rise for decades in its most likely scenario. But that picture shifts radically if governments take further action to limit global warming to less than 2 degrees Celsius with more stringent policies like carbon pricing, strict emissions limits and the removal of fossil-fuel subsidies. If that happens, oil demand could peak within the next 10 years, the IEA says.

“The question is more a question of when, rather than if,” Dominic Emery, BP’s vice president for long-term planning and policy, told the Economist Energy Summit in London this month. BP says oil demand could fall by the late 2020s if tougher emissions laws are enacted.

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