Is Energy Efficiency Reducing Demand for Oil?
BP Thinks So
A recent report from BP Oil suggests that energy efficiency trends are reducing demand for oil -- which means that rather than running out of oil due to dwindling supplies (i.e., peak oil), we will see usage drop and so the pressure on demand will decline.
But that's not all: BP also reported that in China, India and other so called 'developing' economies the demand for energy was greater than the demand in the USA and other developed countries.
The entire story appears in the Times Online.
This suggests that energy efficiency will help us import less oil -- certainly a strategic and national security advantage -- but it will conversely help make it easier for China and others to import oil they need for their growing economies.