An oil pumpjack is seen near a field of wind turbines on Oct. 4 in Nolan, Texas. The U.S. oil industry is headed towards a record-breaking year as analysts expect the crude market to continue climbing despite minor slowing.
There’s a mantra that gets tossed around in North American climate circles: skate to where the puck is going, not where it is today. The phrase, an adaptation of a saying from hockey legend Wayne Gretzky, is meant to suggest the need for forward thinking to grapple with theI’ve been thinking about the phrase a lot in the last couple of weeks amid major energy news. Recent mergers in the oil-and-gas sector show that the industry is still betting on a bright future for fossil fuels.
The list of reasons explaining that imminent peak is long. The IEA explains that the rate at which new fossil-fuel-powered products are being sold has slowed, which doesn’t bode well for future oil demand. For example, the sale of new gas-powered cars has peaked while electric vehicle sales continue to grow. Meanwhile, in China, the world’s largest energy consumer, construction-driven economic growth may be slowing, meaning reduced future fossil fuel demand.
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