That is true. Your comment motivated me to go dig a bit deeper on the statistics. The EIA data browser is a great tool for that: https://www.eia.gov/beta/inter

That is true. Your comment motivated me to go dig a bit deeper on the statistics. The EIA data browser is a great tool for that: https://www.eia.gov/beta/international/data/browser/ https://www.eia.gov/beta/international/data/browser/ Oil consumption is dropping in Europe, stable in the US and rising fast in Asia and Middle East (also in Africa, but it is on absolute terms not very relevant). It seems more technologically advanced countries are seeing an uptake in new energy sources. If this theory is correct, it is expected that tech will percolate to the rest of the world, and a drop in oil consumption is indeed on the medium-term horizon. China's push towards electric transportation is consistent with this theory.