This Chilling Forecast Will Send Shivers Across the Oil Patch

For decades, the global economy had a nearly insatiable appetite for crude oil. Meanwhile, even with renewable energy starting to steal market share, most industry prognosticators expected this upward trend to continue for the next couple of decades. When combined with the stunning decline in renewable energy costs, this unexpected demand shock is now causing a major shift in the long-term oil market outlook by oil giant BP (NYSE: BP).