Business Unusual

Have we reached Peak Petrol?

The good news is that the International Energy Agency, an autonomous intergovernmental organisation that has been tracking energy issues since the oil crisis in 1973 noted that while the 2021 increase in oil consumption would be more than the drop in consumption in 2020, petrol consumption probably peaked in 2018. It held steady in 2019 and dropped in 2020.  While, in time, you might assume it will rise beyond the 2018 high, they expect it will not reach the 9.33 million barrels per day again. The reasons include continued increases with fuel efficiency, a trend to more remote working and telecommuting and the increase in the sale of electric cars. Image credit: CHUTTERSNAP on Unsplash

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