NEW YORK (AP) — An international energy think tank says oil demand in developed countries likely peaked in 2005, well before the recession sent crude prices plummeting.
IHS Cambridge Energy Research Associates said Tuesday that oil consumption started to slump four years ago as consumers bought more efficient vehicles and countries expanded their use of alternative fuels like ethanol. Vehicle ownership also has leveled off in the developed world, as has the number of women in the workplace, CERA said.
The research report focuses on demand from 30 countries that are part of the Organization for Economic Cooperation and Development and make up 54 percent of the world's oil demand.
Demand for oil in the U.S. has fallen by 2 million barrels a day since 2005, according to the Energy Information Administration.
CEO Salaries Become Sore Issue in Labor Disputes
Facebook Sued by Investors Over Disclosures
HP to Cut 27,000 Jobs, Save Up to $3.5B
Investors Slap Facebook 11 Percent Lower
Yahoo to Reap $7.1B From Alibaba Stake
Facebook Shares Close Up Just .23 at $38.23
Future Uncertain for Post-IPO Facebook
Facebook Shares Spike 10% Higher at Open
Mark Zuckerberg Rings Nasdaq Opening Bell
Verizon to End Unlimited Data Plans
Facebook IPO: What You Need to Know
GM Says It Will Stop Paying for Ads on Facebook
On Zuckerberg's Mind: People, Not Shareholders
Dimon Survives Votes on Pay, Chairmanship
Raw Video: Protesters Target JP Morgan Meeting
Poll: Half of Americans Call Facebook a Fad
Could JP Morgan Losses Have Been Prevented?
Fuzzy Resumes: A Look at Leaders Undone
More Questions After Yahoo Leadership Fiasco
Ground Broken for New Whole Foods in Detroit
