Italian Fossil Fuel Demand Destruction
Italian peak demand was 2004 and is sliding into the abyss since. This can explain the global crash in fossil fuel prices, if other countries had similar demand destruction patterns. But if you go to page 40 of the pdf, linked to below, you can verify that fossil fuel demand in most developed countries is indeed stagnating or slightly declining since 2004, although not as strong as Italy. But if you compare the global consumption over the last few years, you see it is flat, which leads to the conclusion that the collapse of oil prices over the past year cannot be explained from a sudden collapse of demand over the same period. There is another mechanism at work.
[cassandralegacy] – Post-peak Italy: the decline continues