Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance, said: “The orthodox view of unlimited oil demand growth simply does not hold in a world of super-efficient engines, electric vehicles, desperate air pollution problems, and action on climate. The US economy has grown by 8.9% since 2007, while demand for finished petroleum products has dropped by 10.5%. Improvements in gas mileage and reductions in miles driven per person have had more impact on cutting US oil imports than unconventional production.”

“The story should not be how falling oil prices will impact the shift to clean energy, it should be how the shift to clean energy is impacting the oil price.” – Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance