Stories
Slash Boxes
Comments

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 17 submissions in the queue.
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.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 1) by khallow on Tuesday September 22 2020, @07:21PM (2 children)

    by khallow (3766) Subscriber Badge on Tuesday September 22 2020, @07:21PM (#1055099) Journal
    As defined by supply, it did happen. Supply isn't reserves in the ground.
  • (Score: 0) by Anonymous Coward on Tuesday September 22 2020, @08:32PM (1 child)

    by Anonymous Coward on Tuesday September 22 2020, @08:32PM (#1055117)

    And as others have pointed out in the comments, "peak oil" doesn't mean what you are saying, nor by extension, "peak coal."

    From Wikipedia:
    https://en.m.wikipedia.org/wiki/Peak_oil [wikipedia.org]

    "The concept of peak oil is often credited to geologist M. King Hubbert whose 1956 paper first presented a formal theory. Peak oil occurs when the cost of oil extraction exceeds the price consumers will pay."

    It's all about the available resource "running out" because the remaining resources are difficult (and therefore more costly) to access.

    Numbskulls use the phrase "peak oil" to mean whatever they want, but basically as a catch-all perjorative against the oil industry.

    • (Score: 1) by khallow on Tuesday September 22 2020, @10:25PM

      by khallow (3766) Subscriber Badge on Tuesday September 22 2020, @10:25PM (#1055147) Journal

      "The concept of peak oil is often credited to geologist M. King Hubbert whose 1956 paper first presented a formal theory. Peak oil occurs when the cost of oil extraction exceeds the price consumers will pay."

      That's still true in demand-driven peak oil. You're going nowhere with this.