On the oil supply side, consumption could well decrease in future as more energy-saving measures are introduced and used by consumers, and new oil reserves could become available as extraction techniques improve.
On the alternative fuel side of the equation, the study did not look at nonprofits, government agencies and universities which are developing new fuels, because they are not quoted on the stock market.
And if governments announced new policy initiatives to promote alternative fuel development, share prices of alternative energy companies would rise, and the gap between the end of oil and the kick-in of alternative fuels would shrink."
Oil demand to decline in the west, according to International Energy Agency
"If governments put in place the energy and climate policies to which they have committed themselves, then our analysis suggests that crude oil production has probably already peaked. [...] Living with less oil tomorrow is no longer an idea of those on the fringe - the International Energy Agency now says that is the reality for most of the developed world."