People think of the oil industry as this backward, nineteenth-century industry with people randomly drilling holes. But in fact, next to the military, it’s emerged as probably the biggest consumer of computer technology in the world.
Demand for oil is increasing at the same time that many oil fields have passed their peak, and few new ones of any size are being discovered. Outside of OPEC nations, production is already declining.
The world today consumes energy at a steady 13 terawatts, 85% of which comes from fossil fuels. By 2050, experts expect demand to increase by another 30 TW.