In today’s world, 67 percent of oil demand is attributed to the transport of goods and people, whether by land, air or sea. Another 27 percent originates from industrial uses, such as lubricants, plastics and solvents. About 5 percent is used for residential and commercial heating, while the remainder (less than 1 percent) is used in electricity generation. The current calls for peak oil rest on advancements in alternative energy technologies that have the ability to replace oil as the resource of choice for transportation. One assertion that peak oil advocates make is that the COVID-19 pandemic will have a lasting impact on consumer choices — including less commuting and business travel. Those calling for peak oil also point to growing concern and action in the fight against climate change; dubbed the “green revolution,” this could include a shift away from fossil fuels to renewable energy sources and electric vehicles (EVs). Rising consumer support, corporate and government investment in clean energy infrastructure projects, as well as advancements in large-scale energy storage and EV battery technology have been put forward as clear signs that this transition is increasingly possible. According to the Wall Street Journal, Robert McNally, a former advisor to George W. Bush and current chairman of Rapidan Energy Group, pointed out in 2020 that several western governments were poised to leverage the pandemic “as an opportunity to rethink energy policy.” To capitalize on this policy transformation, energy giants Shell and BP began investing in renewable energy technologies. CNBC reported that Shell built a 10 megawatt hydrogen electrolyzer at a refinery site in Germany. The largest of its kind, this system produces hydrogen using electrical energy generated from renewable sources with no carbon emissions. The company is planning to build another such plant in the Netherlands, slated to begin operations in 2025, to become “Europe’s largest renewable hydrogen plant." For his part, BP Chief Executive Bernard Looney said at the time that the company planned to increase its investment in renewables to as much as US$5 billion a year by 2030. Most telling is his statement in a fall 2020 report that BP will “not enter any new countries for oil and gas exploration.” BP even claimed that it had plans to keep its oil and gas production levels "broadly flat through 2030." While the COVID-19 pandemic dampened oil demand, and in effect oil prices, the ongoing Russo-Ukrainian war has subsequently pushed energy prices higher than pre-pandemic levels, resulting in record profits for the big five major oil producers, including BP and Shell. In response, it seems these two have seemingly walked back their previous commitments, according to DW News. Recently, BP raised its oil and gas production targets, cut its previously promised emissions reductions from a range of 35 to 40 percent to a range of 20 to 30 percent by 2030; it also decreased its commitment to cutting fossil fuel production, reducing its 2030 target to 25 percent from the previous 40 percent. The Organization of the Petroleum Exporting Countries, better known as OPEC, has predicted that oil demand will plateau after 2035, while consultancy firm McKinsey & Company forecasts that it could peak as early as 2025. McKinsey bases its outlook on the speed of the global transition to lower-carbon and renewable energy sources. “In the past few years, we have certainly seen the energy transition pick up pace. Every year we’ve published this report, peak oil demand has moved closer,” said Christer Tryggestad, a senior partner at McKinsey. “Under our middle scenario assumptions, oil demand could even peak in the next three to five years, primarily driven by electric-vehicle adoption.” Tesla (NASDAQ:TSLA) CEO Elon Musk seems to agree with this timeline. Tweeting a response in January to JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon’s statement that the global economy will need oil and gas for at least the next half century, Musk said, “True, there will be a long tail of usage, but it will peak long before then ... Peak oil demand probably happens within the next 5 years.”