Clearly the Economist has been quaffing from the Beyond Petroleum tap. They argue that fracking has given us fantastic amounts of cheap natural gas. Gas will replace gasoline and diesel to fuel the big stuff, buses, 18 wheelers, garbage trucks, big vehicles with room on board for bulky compressed natural gas tanks.
Then they wax eloquent about the improvement in gas mileage over the years. I suppose. On the other hand you could buy a diesel Rabbit that got 40 mpg back in the 1970's. They don't sell those any more. And a lot of the improvement is just on paper. For instance the US EPA gives a substantial mpg boost to any vehicle that can run on alcohol.
Needless to say, none of the oil companies are forecasting a downturn in demand.
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