Up until 2005, conventional wisdom held that the world needed all available sources of energy, including oil & gas. Within a decade, the world went from energy scarcity to relative abundance. The technology of hydraulic fracturing disrupted global oil & gas supply. It dramatically lowered the cost of supply from unconventional reservoirs, greatly increasing the supply of available economic oil & gas. Economic competition between different energy sources is intensifying, including energy alternatives to oil & gas. What are the consequences for the global oil & gas demand outlook over the next 2 decades, and the implications for the industry? Many factors - macroeconomic, regulatory, technology and price - play a role in the global energy supply/demand outlook. We focus here on the impact of technological innovation in the various competing energy sources - both fossil-based and renewables. Innovation across a variety of scientific disciplines is discussed with particular emphasis on the impact of advances in materials on energy sources. Materials advances are changing the costs of extraction of fossil fuels, but at the same time are the foundation for making some types of renewable energy sources economically competitive. Two primary sectors, transportation and power generation are the major demand drivers for oil & gas respectively. In both cases, demand destruction has started that will continue to increase through 2030 and beyond. Driven by regulation, sustained technology progress to improve efficiency - improving mileage, or making power consumption more efficient - is moderating demand growth for oil & gas. Growing from a small base in 2015, technologies to substitute for oil & gas – alternative vehicles using electric power or biofuels, or renewables for power generation – are having a growing impact in reducing oil & gas demand through 2030. Technologies for energy storage, particularly battery technologies, are to be watched as they are on the critical path for creating a tipping point toward alternative vehicles in transportation, or toward renewables in power generation. A broad theme of the discussion is that of Joseph Schumpeter’s “Creative Destruction” - The "gale of creative destruction" describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one".