"We've finally gone too far on pricing" is a wild thing to hear a CEO say out loud in 2026.
The per capita part is very important to explaining the figure, don't ignore it, but if you break oil (and related products like kerogen, bitumen and NGL) into light, medium and heavy we hit peak medium oil in 2008.
Isn't that explained by improvements in efficiency? i.e. it takes significantly less fuel to move the same mass than it did in 2008?