In the US and Europe consumption is declining. Globally the growth of consumption is declining. Additionally, the US is now (recent estimations) the global dominant exporter of oil recently surpassing Russia. These trends break all traditional projections and are largely due to shifting energy consumption as a result of technological innovation and continued investment in the energy sector. Since the new trends are independent of market demand for oil, as demand for energy overall continues to climb, these new trends may well continue until killed by economic demand such that there is more oil available than people are willing to consume and store.

* https://www.weforum.org/agenda/2015/07/the-surprising-declin...

* http://www.energytrendsinsider.com/2014/07/10/world-sets-new...