“It will take decades for them [renewables] to replace petroleum resources. So what we are doing in Saudi Aramco we are building our capacity in the oil,” according to the manager.
Up Next in Fossil Fuel
Nevertheless, the implications of a looming peak in oil consumption are massive. Without an economic transformation, or at least serious diversification, oil-producing nations that depend on oil revenues for both economic growth and to finance public spending, face an uncertain future.
Peak Oil Demand Is A Slow-Motion Train Wreck
Peak oil demand has been a hot issue in the energy industry for years, but a recent report suggests that much of the debate around peak oil demand is missing the point