Peak Oil Is Coming, But Not How We Thought

The world is not running out of oil. Instead, it may soon stop needing so much of it. This shift is causing a new "peak oil" prediction. For decades, experts warned "peak oil" would be a supply crisis—the moment we could not pump enough. Now, the focus is on demand. Climate change policies and green technology aim to reduce fossil fuel use. However, global oil demand remains strong. Green energy transitions are moving slower than promised. Because of this, one analysis suggests world oil production could still reach its highest point within two years. The problem is what happens next. If production peaks without prepared, scaled-up alternatives, the decline could be chaotic. Prices and economic instability could surge. The old fear was too little oil. The new reality may be too much reliance on it, right up until the moment demand finally falls.