Peak Oil

The trends in the below chart are good to see.  

Much more movement away from burning fossil fuels is needed. Right now, with the world shunning Russian oil and gas, it appears that this may happen at an accelerated pace. Yay!

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From Bloomberg Green Newsletter, 3-2-2022:

The Ukraine invasion has pulled a number of policies into play that until this moment were exceedingly unlikely, even outlandish. Germany, Europe’s biggest importer of Russian gas, now plans to build liquefied natural gas import terminals, significantly increase its renewable power commitments, mandate a minimum level of gas storage at the end of each season, and perhaps even extend the life of its nuclear fleet.

It has also forced the hand of major companies for which Russian commitments could have proven a challenge for long-term strategy. Both European and U.S. big oil supermajors are breaking their substantial bonds with Russian oil and gas production, which will result in significant financial impairments and write-downs. 

In a 2021 research paper, Christof Rühl and Titus Erker of the Center on Global Energy Policy at Columbia University highlight that the global oil intensity of GDP, and the OECD’s oil intensity of GDP OECD, both peaked in 1973. For the rest of the world, that peak came only five years later in 1978.