On Energy Source:
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“This is the end of the 20th Century of Oil; we are entering the 21st Century of Electricity,” say analysts at Deutsche Bank in a major new report warning of high price volatility for both fuels as the leadership baton is passed.
“Obama’s environmental agenda, the bankruptcy of the US auto industry, the war in Iraq, and global oil supply challenges have dovetailed to spell the end of the oil era,” says Paul Sankey of Deutsche Bank.
Deutsche argues that “oil will never run out, rather we will become more efficient,” and predicts that hybrid and electric cars will have a far greater positive impact on oil efficiency than the market currently expects.
Deutsche’s analysis predicts that by 2020, global average MPG of newly purchased light vehicles will have increased by more than 50% compared to 2009, from roughly 29 mpg to about 44 mpg.
“The impact will be concentrated in US gasoline, the largest single element of global oil demand (12%), and will be dramatic enough in its own right to cause the peak of global oil demand around 2016. We forecast US gasoline demand to fall to 4.9mb/d – about 46% from its 2009 level – by 2030.” Read more
Arab states in secret talks on replacing US$ for oil trading
Talks include China, Russia and France (The Independent)