The Quiet Peak of the Internal Combustion Engine

If you follow energy markets closely, you could be forgiven for thinking that oil remains as indispensable as ever. Every geopolitical crisis seems to reinforce the narrative.

Tankers moving through the Strait of Hormuz dominate headlines, analysts obsess over crude price forecasts, and politicians continue to speak about energy security largely through the lens of oil supply. Yet beneath the daily noise of energy markets, something remarkable has already happened.