If you were among the brave few who bought a Tesla Roadster in 2008, you purchased your government-subsidized $100,000-plus electric car when a barrel of oil cost as much as $162 in today’s dollars. “Peak oil” was an article of faith — as crude supplies ran out, ever-higher oil prices would destroy demand for the internal combustion engine and other fossil-fuel monstrosities. But now, if you’re one of the 500,000 wannabe Tesla owners who, according to CEO Elon Musk, has put down a $1,000 deposit on a $35,000 Model 3, the company’s new mass-market electric sedan, you’re probably just as familiar with a fashionable new green conceit. Now the article of faith is “peak demand” for oil, the idea that electric cars will soon make oil obsolete.

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