Oil Demand Has Peaked in Developed Nations, Never to Return -- Report

Demand for oil in developed nations peaked in 2005, and changing demographics and improved motor-vehicle efficiency guarantee that it won't hit those heights again, IHS Cambridge Energy Research Associates says in a new report. Reduced petroleum demand in developed nations could make their economic growth less vulnerable to oil price shocks, the report states. Nonetheless, global oil demand is still expected to grow, overall, driven by China and other developing nations as the world economy recovers.