Can Carney’s carbon capture demands help save the peak?

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For decades the world has been told that “peak oil” is on the horizon, a pivotal point at which the demand and/or supply of oil will stop increasing and thereby create assorted economic crises. The peak oil risk was often cited as a reason to begin cutting back on oil dependency and consumption. Via regulation and carbon taxes, the world could also reduce fossil fuel carbon emissions to help prevent the looming climate crisis and propel the global economy to net-zero carbon emissions by 2050.

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In 1972 the UN forecast the peak by 2000, but as time passed and world oil output kept climbing from year to year, one prediction after another failed. Another one appears ready to collapse.

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Back in June this year, the International Energy Agency (IEA) claimed that because global sales of electric cars are on course to exceed 20 million in 2025, peak oil remains “on the horizon.” All told, the IEA forecast that “global oil demand is forecast to increase by 2.5 million barrels per day (mb/d) between 2024 and 2030, reaching a plateau of around 105.5 mb/d by the end of the decade.”

Only three months later, the IEA appears to be on the brink of retreating from its June forecast, and from numerous other outlooks that have long dominated IEA thinking. Bloomberg columnist Javier Blas wrote the other day that he has seen a draft of the IEA’s upcoming annual report, which he said contains a scenario showing that if policies do not change,........

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