2 Reports Predict Peak of Oil Demand is Rapidly Approaching

Two groups are now forecasting that the end of the oil era is coming. The Carbon Tracker Initiative says demand for fossil fuels will peak around 2023, while Norwegian risk-management company DNV also predicts oil demand will max out in five years’ time.

"Anytime they get even close to growing the same way we are, and they are much more populous than we are, I don't see how that could do anything but cause the demand for oil to continue to rise," said Scott.

Scott adds he doesn’t believe solar and wind power will be able to contribute to the fuel needs of transportation in the next five years.

"There's not only cars to think about, but there's well in excess of sixty thousand ocean-going vessels that have to be fueled too," said Scott

Scott explains that solar and wind have made mild progress in providing power to homes and businesses.

"When you look at solar and wind, they are still a tiny fraction of fuel that is used for electricity generation," said Scott.