NEW YORK (AP) — An international energy think tank says oil demand in developed countries likely peaked in 2005, well before the recession sent crude prices plummeting.
IHS Cambridge Energy Research Associates said Tuesday that oil consumption started to slump four years ago as consumers bought more efficient vehicles and countries expanded their use of alternative fuels like ethanol. Vehicle ownership also has leveled off in the developed world, as has the number of women in the workplace, CERA said.
The research report focuses on demand from 30 countries that are part of the Organization for Economic Cooperation and Development and make up 54 percent of the world's oil demand.
Demand for oil in the U.S. has fallen by 2 million barrels a day since 2005, according to the Energy Information Administration.
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