Economists and energy industry observers have long warned of the consequences of peak oil production based on limited supply. But according to Butler, declining demand based on structural changes in the U.S., Europe, and Japan - and the unlikelihood that China and India will fill the gap - will result in the world hitting peak oil consumption this decade.
"When I wrote a few months ago that I thought global oil consumption would peak before 2020 at a level below 100 mbd several readers suggested, with different degrees of politeness that I was off my head. Maybe, but I will stick to my prediction."
"As the detailed evidence is beginning to show the period of inexorable oil demand growth is coming to an end."