For years, the "peak oil" theory made people think that the world would start running out of oil, and prices would increase exponentially.
But a research firm that serves Wall Street has turned the whole idea on its head — it says "peak oil" is coming, but it's not in any way what people thought it would be.
Bernstein Research released a note last month identifying 2030 as the peak year for oil demand — after that, global hunger for the resource will just keep dropping.
— Alex McGuire (@AlexMcGuire92) April 25, 2016
Energy analyst Neil Beveridge predicted that oil will grow from current demand of about 96 million barrels per day to 108 million barrels per day between 2030 and 2035, Business Insider reported.
Demand will then plummet due to factors such as fuel efficiency and use of alternative energy to power our machines.
Climate change policies could also be an influence. Beveridge noted that G7 countries have pledged to end the fossil fuel era by 2100.
And he's not alone in saying demand for oil will begin dropping.
Research by the World Economic Forum (WEF) has imagined a number of scenarios in which global demand for oil could fall to levels far below where it is today.
For example, global oil demand could drop from around 96 million barrels per day to 74.6 million barrels per day by 2030 if alternative fuels start powering more transportation around the world.
In other words, the world may not be running out of oil. But it may be running out of use for it.
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