Saudi Aramco Has a New Perspective on Peak Oil

Stanislav Krasilnikov/TASS via ZUMA

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.

Here’s an interesting tidbit from Axios:

The release of the Saudi Aramco IPO prospectus is putting a fresh spotlight on a big question: the date when global oil demand will peak. The document released over the weekend includes estimates that demand will grow until around 2035 before leveling off, but that the inflection point could occur by the late 2020s.

Many years ago I wrote at length about the prospect of peak oil: that is, the year that we’d be pumping the stuff out of the ground as fast as we could, leading to shortages as demand kept growing. That turned out to be a groundless concern thanks to the sudden growth of the fracking industry, which has increased the global supply of oil by upwards of 10 percent or so.

Now, apparently, the concern is just the opposite: not supply constraints but demand constraints, thanks to the growth of solar and wind and other technologies that are reducing the need for oil. This is now being taken seriously enough that it’s affecting the outlook for major oil companies.

That sounds like bad news for Exxon but good news for all the rest of us. I sure hope there’s a real basis for this concern.

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate