In 1980, the economists Julian Lincoln Simon and Paul Ehrlich formalized a wager on resource scarcity. Simon told Ehrlich to put money where his mouth is and chose 5 commodities whose prices would be monitored for ise or fall. Payout date was 1990. Ehrlich lost the wager as all five commodities declined in price. Ehrlich is a member of the Club of Rome that makes the wildest predictions of this kind, none of which ever come true. How does anyone believe any catastrophist on this record?
To the extent that oil demand goes down in the future, it will go down because people can’t afford oil distillates.