Peak Oil Europe Was 2005
It is semi-official: Europe is clearly beyond the oil peak and demand is in strong decline from 14 mbd in 2005 to 11.5 mbd in 2014. This rapid demand destruction could help explain why oil prices collapsed recently: European demand destruction supersedes oil depletion. Drivers behind this development: rapid introduction of renewable energy sources as well as rigorous energy saving measures, like switching to more fuel efficient cars. And of course the steep decline after the western financial crisis of 2008 (Lehman, ‘subprime’ US debt).
[crudeoilpeak.info] – Europe oil consumption peaked 2005