The huge finds in Natural Gas and historically low prices on a per BTU basis is driving more more big energy consumers away from Crude Oil. This could lead to a global plateau in Oil demand by the end of the decade, according to Seth Kleinman, the head of European energy research at Citigroup.
Crude oil is now about four times more expensive than natural gas for equal amounts of energy. This could have enormous significance for how we power cars, trucks, railroad engines and power plants.
David Wilson quoted Kleinman, noting “Oil demand growth may be topping out sooner than the market expects.” Greater fuel economy may combine with the shift toward gas to cause global demand to level off at about 91 million barrels a day, the report said.
Bloomberg, March 27, 2013
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