There is no significant competitor to oil …
Alternative energy (wind, solar, nuclear, and hydroelectric) will never significantly hurt oil demand because the use of alternative energy sources is generally confined to electric-power generation. The following chart would have you believe that fossil-fuel use is diminishing and that “clean energy” is replacing oil demand. This is entirely misleading .
The truth is that those projections are related to power generation only. Oil is not a significant part of power generation. Transportation and industrial use are what drive oil demand and consumption. (Even electric cars won’t pose a threat to oil demand in the transportation industry. There are around 1.4 billion cars driven daily in China and India. That’s headed toward 3 billion by 2035. And there is no electric infrastructure across that Asia growth area.) The next chart is a more realistic portrayal of oil in the context of the power-generation market. Oil (petroleum) use is small and remains almost unchanged in power generation.
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