... He says gasoline demand peaked in 2007 and has fallen each year since, even though the economy has begun to recover.
"The U.S. has already reached what we can call 'peak demand.' Because of increased efficiency, because of biofuels, we're not going to see growth in our oil consumption," Yergin says.
That view is shared by the government's official source of energy data, the Energy Information Administration. Its long-term projection is that gasoline consumption will steadily decline by around 7 percent over the next 25 years.
Howard Gruenspecht, the EIA's acting administrator, says the projection does not take into account the latest proposal on automotive fuel efficiency, likely to be approved later this year. It requires fleet averages of 54.5 miles per gallon.
"If you put those into the mix, we would expect a somewhat steeper decline in overall liquid fuels demand, and gasoline demand in particular," Gruenspecht says. ...