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You've heard of peak oil, right? "Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline." (Wikipedia) I'm not going to take a position on whether or not we've reached peak oil, or when we might reach it. But John Quiggin points out something I hadn't realized.

US gasoline consumption peaked in 2006 and was about 8 per cent below the peak in 2010. Consumption per person has fallen more than 10 per cent.

In other words, the U.S. may have hit "peak gasoline." And it doesn't appear to be just a result of the global financial crisis. Quiggin points out that the 10 per cent drop in consumption is roughly what you'd expect from a short-term price elasticity of -0.25 and an increase in prices of about 40 per cent.

Furthermore, he argues that the short-term elasticity of -0.25 understates the impact on demand, "since in the long run people can change their driving habits, reduce their stock of cars, and choose more fuel-efficient cars". The long-term reduction in gasoline demand could be as much as 40 per cent or even more.¹

Next Wednesday, 9 March, the Energy, Resources and Environment program of School of Advanced International Studies (Johns Hopkins University), the United Nations Environment Program (UNEP), and the United Foundations Program are sponsoring a Global Leaders Forum on

Growing green in a crowded, carbon-constrained world

The participants are Achim Steiner (Executive Director, UNEP), Kate Gordon (Vice President for Energy Policy, Center for American Progress), and Richenda van Leeuwen (Senior Director of Energy Access, United Nations Foundation). David J. Jihrad (Director of the ERE program at SAIS) will moderate. For more information, download the program announcement (PDF)

Purdue was planning to build a coal-fired boiler to supply steam and power to its campus.

The [Purdue University] Board [of Trustees] halted plans to install a new coal-fired boiler and instead will ask the Indiana Department of Environmental Management to alter the university's operating permit to allow installation of a natural gas boiler. (source)

I'm delighted to see Purdue giving up coal. I'm particularly pleased to see that the reason is that coal is more expensive. Burning natural gas will still produce carbon dioxide, but it will produce much less. I was also delighted to see that in a separate decision the Board will lease land for a commercial wind energy project. The wind energy project will produce about 100 megawatts of electricity, enough to power 25,000 homes for a year.

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• Plans for 150 coal plants scrapped: Sierra Club (reuters.com)
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