In this episode we talk with a longtime energy analyst about why it's risky for the oil industry to assume that future demand for petroleum will remain as strong as they forecast, given the favorable economics of switching to EVs. We also discuss the recent history of oil production and prices, the future of the oil industry, the potential for transitioning away from oil and the opportunity for EVs, and ERCI - the Energy Returned on Capital Invested. And in the news segment: the oil industry's latest moves and announcements about climate change; three important trends we should recognize in the retirement of yet another US coal plant; and a new report from Carbon Tracker calls IEA and EIA on the carpet for consistently overestimating future demand for fossil fuels, and consistently underestimating the growth of renewables.

Guest: Mark Lewis is Head of Climate Change Investment Research at BNP Paribas Asset Management. Previously, he was Head of Research and Managing Director at Carbon Tracker, a non-profit company based in London which publishes research on the financial aspects of climate risk. Prior to Carbon Tracker, Mark was Managing Director and Head of European Utilities Research at Barclays (2015-18), Chief Energy Economist at Kepler Cheuvreux (2014-15), and Managing Director and Global Head of Energy Research at Deutsche Bank, where he worked for 14 years until 2013. In addition to his experience as a sell-side financial analyst, Mark spent one year as Deputy Head of investor relations at E.ON at the beginning of the Energiewende, and two years as a credit analyst covering the European utility sector at Standard & Poor’s. In total, Mark has over 20 years’ experience as a financial analyst covering global energy and environmental markets. On Twitter: @MCL1965 On the Web: Mark’s page at BNP Paribas

Recording date: September 5, 2015

Air date: October 28, 2015

Geek rating: 6