[Peakoil] ABC: Peak oil losing credibility as renewables shift accelerates

[Antony Broughton Barry]

Quote: 
AMP's Shane Oliver believes that, rather than facing a peak oil shock, consumers and industries will continue to move away from fossil fuels in an orderly manner as a wider range of renewable technologies get closer to affordable reality.



"What's going to happen is that oil production globally will at some point peak but it's going to be because the world has moved away from oil towards the use of other things," Dr Oliver told AM.



"The electrification of automobiles and greater efficiency in the use of oil will drive a decline in the demand through time anyway."



Dr Oliver said that, rather replicating a shock in the 1970s when OPEC restricted supply, the globe is undergoing a quiet revolution that will see the world requiring less oil.





Peak oil losing credibility as renewables shift accelerates
ABC

With the world awash with too much crude oil at the moment, fears of an economic catastrophe when fossil fuels start running out are quietly fading. Read the full story


Shared from Apple News

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