The Rise and Fall of Oil

Analytical Brief

Over a century and a half since its first commercial extraction, oil now accounts for approximately 40% of global energy use and over 90% of the world’s transportation needs.

However, changes are afoot that could significantly change oil’s future, and gradually undermine its privileged position in the energy world order. Despite these changes, conventional energy forecasts continue to predict that oil demand will continue to grow indefinitely, and retain its central position for decades to come.