Megawatts & Negawatts

The black line is BP’s forecast for oil demand based on 2020 conditions.

The green line is BP’s demand forecast based on 2023 conditions. The big news is Putin’s attack on Ukraine. And Putin’s second front, his attack on Western Europe by shutting off its supplies of gas from Russia.

That caused gas prices to spike and set off a worldwide commitment to dump gas. It’s being replaced by wind and solar.

This is permanent. It’s a one-two punch, not just a one-punch.

1. No country wants to import gas when a gas exporter could “do a Putin” at any time
2. It’s now cheaper to generate electricity from solar and wind than gas and prices continue to fall.

more:

Why We Shouldn’t Confuse Peak Oil With the Price of Bananas

Europe’s Fossil Fuel Use Is Set to Plummet in 2023, Report Says