Friday, February 22, 2013
The above shows oil consumption in the major developed regions of the world though September 2012 (according to the EIA). You can see that since the Arab spring (when prices went up), US and European consumption has gone down. In the US this is mainly through improved oil efficiency reducing consumption faster than the rather slow economic growth increases it. In Europe, the double dip recession is probably the main factor reducing consumption. Europe was already more oil efficient than the US, so there is less scope for further improvement.
Global peak oil is probably not here, though I think it likely we are on the bumpy plateau. However, for the US and Europe, peak oil consumption has probably been and gone. We survived. However, certainly the economic situation is not that fun for a lot of people, so perhaps this guy had a point after all (even if he somewhat overstated it):