The topic of oil supply and demand has always ridden a roller coaster of speculation. Lately, the discussion has shifted from peak oil supply – the idea that we have reached or are reaching the maximum level of oil production possible – to peak demand. However, most view the topic and commodity that is ‘oil’ much differently than they do the broader concept of energy.
In this article, Spears does a good job of suggesting ways, albeit taken for granted, that energy use is rapidly increasing and likely to for decades to come. For now, that means hydrocarbon production must keep up, and it is critical that we find new ways to do so that are safer, more environmentally friendly, and more economical, which is exactly what Ulterra attempts to do every day by designing ever-more advanced PDC drill bits and drilling technology.
Lost in the discussion about when oil demand might peak due to the adoption of electric vehicles is the broader, long-term outlook for global energy demand. Indeed, while one camp of energy forecasters see overall energy demand as continually rising, other groups such as the World Energy Council believe that global energy demand is destined to peak. Read the rest of the article Peak Ahead? from Spears Research.