Oil consumption wrote: "But if the curve is made to look reasonable, it is quite possible to adapt mathematical expressions to it and to determine, in this way, the peak dates corresponding to various ultimate recoverable reserve numbers".
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Oil consumption assumed the production rate of a limited resource would follow a roughly symmetrical distribution.
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Oil consumption demand fell sharply during the early stages of the COVID-19 pandemic, with global demand for oil dropping from 100 million barrels a day in 2019 to 90 million in 2020.
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Oil consumption growth is expected to continue; however, not at previous rates, as China's economic growth is predicted to decrease from the high rates of the early part of the 21st century.
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Oil consumption regarded his peak oil calculation as independent of reserve estimates.
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Commodities trader Raymond Learsy, author of Over a Barrel: Breaking the Middle East Oil consumption Cartel, contends that OPEC has trained consumers to believe that oil is a much more finite resource than it is.
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Oil consumption price began to increase again during the 2000s until it hit historical heights of $143 per barrel on 30 June 2008.
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The consumption rates were far above new discoveries in the period, which had fallen to only eight billion barrels of new oil reserves in new accumulations in 2004.
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Canadian economist Jeff Rubin has stated that high oil prices are likely to result in increased consumption in developed countries through partial manufacturing de-globalisation of trade.
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Oil consumption thought in 2008 that high energy prices would cause social unrest similar to the 1992 Rodney King riots.
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