As the renewable energy technology grows, oil will become less and less important in our lives. Our homes and cars will no longer need it to run, as they can run on electricity, which can be produced by solar and wind power. As these technologies move forward, oil will become almost unnecessary.
Yes, oil demand will drastically lower in the near future. The depletion of the earth's fossil fuels is growing more relevant by the day, perhaps more relevant than unrestricted population growth. While many countries have or will place regulations of child bearing, the market for oil does not carry the same resistance. This could lead to larger losses in oil reserves, greater effort put into sustainable fuel, and finally the removal of the need of oil all together.
Oil comes from limited fossil fuels, which will eventually run out. The demand for these fuels will have to decrease as the demand for alternative fuels increases based not only upon the lack of oil but also the desire of the public. More countries are turning to greener, more environmentally healthy living, from car-free days to solar paneling, and citizens will not stand for the use of oil forever.
The Americans would not allow such fall in demand as the there domestic economy relies on it. After the american dollar was no longer pigged to gold the value of it was determined by the free forces of an economy the forces of demand and supply, after the oil crisis of 1973 the Perto dollar was created which is when that all transactions of oil between OPEC nations and others would be through the dollar creating an artificial demand which in other words infinite demand as all nations require oil due to its high value so due to its significance the Americans "would not lets" the demand fall that is talking in terms of the near future as oil reserves are still high this can be seen in the extraordinary high demand and supply but in the far future oil will simply "run out" and only then the demand of oil will run out
The demand for oil will subsist just as the demand for coal did in the past. The world is always inventing new fuel sources to run on and this will be no exception. When oil declines, as it is in the process of, we will find some new material to exploit.