The Economist was among the publications exploring this theme in recent weeks. It is familiar territory for the newspaper that first heralded “The End of the Oil Age” back in October 2003. Seventeen years later, the claim is no less tenuous.

That feature began with what has since become a much-quoted line from a former Saudi energy minister Sheikh Zaki Yamani, who said: “The Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.”

It is still questionable that peak oil demand is close and it is still unproven that we have already passed that point. The subdued demand for oil that has accompanied the great hiatus will eventually recover.

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