ODAC Newsletter - 18 July 2008


Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.

Increasingly gloomy economic news in Europe and the US this week brought oil prices back down below $135 from a new record of $147, but also increased pressure on politicians.

In the UK, the government gave into long running pressure to drop the scheduled increase in fuel tax. In the US George Bush lifted the presidential ban on off-shore drilling. Bush’s statement was clearly aimed at putting pressure on the Democratic Congress to lift their ban and prompted Leader of the House Nancy Pelosi to fire back with a statement of her own urging the President to release some oil from the Strategic Reserves. Both leaders are promoting the idea that supply can be increased and prices brought back down as a result. Matt Simmons clearly shocked his host and fellow panelists when appearing on CNBCs Fast Money this week by stating that oil is still too cheap.

The view that global peak oil is imminent was strengthened this week with ‘insider’ news that Saudi Arabia’s production will peak at 12mbd before scaling back. For excellent commentary on the importance of this story read ‘Peak Oil is a Done Deal’ by David Cohen of ASPO USA.

In a speech to the Union for the Mediterranean summit, Gordon Brown referred this week to the ‘post oil economy’ as recognition of the impending energy crisis appears to be growing in Whitehall. The speech painted a picture of a future of renewable and nuclear energy, hybrid and electric cars and efficient appliances. Given the response to his remarks about cutting food waste it would perhaps be churlish to expect the Prime Minister to suggest that more drastic energy consumption reduction might be necessary in order to make this transition.

Join us! Become a member of the ODAC Newsgathering Network. Can you regularly commit to checking a news source for stories related to peak oil, energy depletion, their implications and responses to the issues? If you are checking either a daily or weekly news source and would have time to add articles to our database, please contact us for more details.


Disclaimers

Oil

Oil Falls Below $134 After Plunging on Unexpected Supply Gain

Back to top

Oil Slick: Why Are Crude Prices Falling?

Back to top

Bush will end executive ban on offshore drilling

Back to top

Pelosi Statement on Today's Record Drop in Oil Prices

Back to top

12mn barrels per day 'is Saudi Arabia's oil limit'

Back to top

China Boosts Fuel Imports to Highest in Five Years

Back to top

Russian oil at 'critical juncture'

Back to top

Gas

Europe told to expect doubled gas price

Back to top

India May Pay Twice as Much for Gas by 2010 on Demand

Back to top

Transport

Spiralling fuel costs force British Airways to raise fares

Back to top

UK tour operators must axe thousands of jobs

Back to top

Eurostar sales up as travellers dump planes in favour of trains

Back to top

Gasoline Demand Falls a 12th Consecutive Week, MasterCard Says

Back to top

UK

Brown calls for eight new nuclear plants

Back to top

Government relents and scraps fuel duty rise

Back to top

Many Tory MPs still sceptical on climate change

Back to top

City watchdog rejects oil markets loophole

Back to top

Economy

UK consumer inflation hits 16-year peak

Back to top

President upbeat, but nothing else is

Back to top

China's economy slows but still expands at double-digit pace

Back to top

Clouds darken Europe’s growth prospects

Back to top

Disclaimers

The items contained in this newsletter are distributed as submitted and are provided for general information purposes only. ODAC does not necessarily endorse the views expressed in these submissions, nor does it guarantee the accuracy or completeness of any information presented.

FAIR USE NOTICE: This newsletter contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of issues of environmental and humanitarian significance. We believe this constitutes a 'fair use' of any such copyrighted material. If you wish to use copyrighted material from this newsletter for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.