Demand in the developing countries peaked in October 2008 at 46.33 million barrels per day and it is down by only 0.36 million barrels per day. I don’t know about you but I am amazed that the worst global recession in decades has barely managed to shrink energy demand in the developing world. On the supply side of the equation, let me be clear.  If I was asked to pick the biggest threat to a sustainable economic recovery, ‘Peak Oil’ would top that list.