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posted by martyb on Tuesday September 22 2020, @11:03AM   Printer-friendly
from the piqued-oil? dept.

Bp Says We'Ve Already Reached Peak Oil:

BP is saying the quiet part loud: In the 2020 Energy Outlook report the energy giant published this week, it said that the world may have reached peak oil.

The covid-19 pandemic has done a serious number on the oil industry, with demand falling to historic lows amid lockdowns and prices falling into negative territory. In a report on Tuesday, the International Energy Agency warned that for the oil industry, the "path ahead is treacherous," reducing its forecast for global oil demand in 2020 by 200,000 barrels per day. And on Monday, OPEC lowered its predictions of demand in 2020 by 400,000 barrels per day.

In BP's new report, analysts said the market may never recover from this damage. The authors lay out three possible scenarios for the world's energy usage between now and 2050, which illustrate a rapid, moderate, and slow transition to renewables. The first two scenarios show demand for oil steeply falling over the next three decades. But even under the firm's most "optimistic" scenario for Big Oil where climate action doesn't accelerate, oil demand will plateau at 2019 levels before declining in 2035.

This is a vastly different picture from the one the firm sketched in its last outlook report just one year ago, which predicted oil consumption would continue to grow over the next decade, peaking sometime in the 2030s.

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  • (Score: 1) by khallow on Tuesday September 22 2020, @05:29PM (2 children)

    by khallow (3766) Subscriber Badge on Tuesday September 22 2020, @05:29PM (#1055051) Journal
    Then this is an educational moment for you. Because it didn't! Peak oil (at least for the present) happened for a different reason.
  • (Score: 0) by Anonymous Coward on Wednesday September 23 2020, @06:03AM (1 child)

    by Anonymous Coward on Wednesday September 23 2020, @06:03AM (#1055254)

    Khallow, listen, please, to the collective wisdom of SoylentNews. These Soylentils are pointing out basic economic facts to you, you should pay attention. Just because you may think, incorrectly, that they disagree with your conservative Austrian Circle Libertariantard economic theory, that is no reason for you not to reason out the actual relations between supply and demand. Reagan was in idiot, you know, and Bush was correct in his assessment of Reagan's economic policy: Voodoo economics. You do not want to be doing "Voodoo economics", do you khallow? Next thing you know, you will be doing Zombie economics, or Trumponomics, as it is known. Trump created the greatest economy ever, by, um, talking about how he created the greatest economy ever, until, you know, he didn't. Total shyster flim-flam, complete gaslight economic fakery. Khallow!! Repent! Recant! Renounce your Paltry Gods! Accept the judgment of Ronan the Accuser!

    • (Score: 1) by khallow on Wednesday September 23 2020, @11:37AM

      by khallow (3766) Subscriber Badge on Wednesday September 23 2020, @11:37AM (#1055393) Journal
      I don't see you actually disagreeing for one thing.