Cathie Wood, founder of investment management firm Ark Investment Management, who has been in the spotlight over the past year and a half for the performance of her active ETFs and her bullish views on Tesla and Bitcoin, is categorically speaking on the outlook of oil, predicting a collapse like whale oil in the early 1900s. “The rise in oil prices this year is a function more of supply than demand. In the early twentieth century, whale oil has suffered the same fate and whale oil prices have fluctuated dramatically. If ARK Invest’s research is correct, oil prices will suffer the same fate as whale oil prices, “remarks a tweet. of Wood. In another Twitter post, the volcanic investor reports EIA data with global oil demand peaking at 101 million barrels per day (mbd) in 2019, then dropping to 92 mdb during the coronavirus crisis in 2019. 2020 and rebounded to 97 mbd in 2021. “Based on our forecast for electric vehicle sales, demand for oil has peaked,” adds Wood.