Why the IEA is Wrong About Peak Oil Demand [Yahoo! Finance]
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Source: Yahoo! Finance
The term often used to describe this “tipping point” is Peak Oil Demand . When I say “near term,” I mean right around the corner if you look at an estimate published last year by the International Energy Agency -IEA, an intergovernmental agency headquartered in Paris, France, and originally established after the Oil Embargo of 1973 to help cushion against future oil shocks. This agency has expanded its mission to a fairly broad remit over the years since, and it is not the purpose of this article to detail all its endeavors. One role we will highlight is that of the one it plays in gauging and advising member governments on energy security and energy sources for the coming years. In that capacity, the IEA in a report entitled, Oil 2023 , and published last year settled on 2028 as the year past which the use of petroleum fuels will begin to decline. “Growth in the world's demand for oil is set to slow almost to a halt in the coming years, with the high prices and security of supply
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