The Economist magazine recently had an interesting take on the future of oil demand. Whereas many analysts see oil demand as perpetually on the rise given the emergence of China and India and their massive populations, the Economist sees other factors that counter the pressures added by these emerging economies. They speculate that world oil demand may be nearing a peak. If the Economist is right, Utahns could see cheaper gasoline prices sometime in its future.
“With billions of Chinese and Indians growing richer and itching to get behind the wheel of a car, the big oil companies, the International Energy Agency (IEA) and America’s Energy Information Administration all predict that demand will keep on rising. One of the oil giants, Britain’s BP, reckons it will grow from 89m b/d now to 104m b/d by 2030. We believe that they are wrong, and that oil is close to a peak.” Economist.com