The Enduring Tyranny of Oil

Source: TomDispatch
by Michael Klare

“It may seem hard to believe, but only 15 years ago many of us were talking confidently about ‘peak oil,’ the moment of maximum global oil output after which, with world reserves dwindling, its use would begin an irreversible decline. Then along came hydraulic fracturing, or fracking, and the very notion of peak oil largely vanished. Instead, some analysts began speaking of ‘peak oil demand’ — a moment, not so far away, when electric vehicle (EV) ownership would be so widespread that the need for petroleum would largely disappear, even if there was still plenty of it to frack or drill. However, in 2020, EVs made up less than 1% of the global light-vehicle fleet and are only expected to reach 20% of the total by 2040. So peak-oil demand remains a distant mirage, leaving us deeply beholden to the tyranny of petroleum, with all its perilous consequences.” (07/26/22)