Ten years ago, the market was fretting, everyone was worried about "peak oil,” and now the focus is on peak demand. Instead of the world on a collision course of fighting over the last drop of oil, now it seems that we have turned the world upside down and now we are seeing predictions that oil demand will peak. The latest peak demand forecast comes from BP, which is predicting that the demand for oil will peak before 2040.
Ten years ago almost to the day Matthew Simmons wrote his iconic peak oil best seller "Twilight in the Desert" with the premise that that Saudi oil and crude oil production globally could soon approach a serious, irreversible decline.
As we get ready to say goodbye and good riddance to 2012, we are also saying goodbye to oil’s historic run. Unless oil make a last minute run it appear that West Texas Intermediate oil could have its first losing year since the meltdown in 2008