“Peak oil” was a popular theory about a decade ago, based on the idea that the usage of oil would fall as the world ran out of supply. The theory ran out of gas (sorry), due to a combination of fracking (increased supply) and the Great Recession (reduced demand).
Interestingly, however, BP now predicts the world will hit peak oil (they don’t actually use that term, I don’t think) around 2040, this time due to demand-side pressures.
Their projection is that a combination of solar energy, wind energy, and electric vehicles will put global demand for oil on a downward trajectory, starting in 20 years or so.
Big change from ten years ago, when some experts thought the world might run out of oil. Now at least some experts think we won’t need it (or at least as much of it) anymore.