ODAC Newsletter - 10 October 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.

Another week of financial mayhem, bank bailouts and sinking stock markets has seen the oil price continue to fall. The IMF six monthly report reduced its global growth forecast for 2009 from 3.9% to 3.0% with much sharper cuts in the US and Europe. This was reflected in a reduced oil demand forecast by the U.S. Energy Information Administration. The slide has prompted OPEC to consider an early meeting to attempt to prop up prices.

While there is currently some price relief both in the oil and natural gas markets, longer term forecasts point to increasing demand putting pressure on supply beyond 2009. This could be exacerbated by a lack of investment in infrastructure due to the credit squeeze and new projects being unprofitable at lower prices.

In the UK this week, as part of a wider cabinet reshuffle, Gordon Brown took the decision to create a new Department of Energy & Climate Change. The move is in response to the UK’s increasing energy dependency and in recognition of the relationship between energy policy and climate change responses. The new minister, Ed Miliband, was immediately greeted by a report from the Climate Change Committee calling for a phase out of fossil fuels in 20 years.  It is to be hoped that the new ministry moves to develop policy which recognizes energy depletion issues alongside climate change threats, as outlined in ODAC's recent report Preparing for Peak Oil, and rises to the challenge. The last few weeks have seen a shift away from laissez faire market economics to major government intervention in the national interest. A last minute bail out on energy isn’t going to work, so seizing the initiative now to make real change in the national interest is imperative.

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Disclaimers

Oil

Call on OPEC crude to exceed OPEC output unless demand drops: EIA

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Oil rises slightly as OPEC weighs a cut in output

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World '09 oil demand growth cut by 140,000 bpd - EIA

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Oil drop may hit supply growth, keep boom and bust

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US oil production at lowest level since 1946-gov't

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Scottish councils urged to get into peak oil practice

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Iraq plans second bidding for oil contracts in Dec

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Gas

Gas glut will provide respite in volatile market

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A more liquid market

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IEA: Long-term gas supply security a threat as demand rises

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Coal

Coal-fired power generators face new threat from EU carbon emissions curb

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Europe backs carbon capture with €10bn

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Electricity

National Grid in £17.5bn upgrade

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EU needs stable energy policy, EDF warns

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Greenpeace's grid plan: North Sea grid could bring wind power to 70m homes

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Renewables

Canal plan to power 45,000 homes

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Rubbish to be used to make electricity

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Dutch city kept warm by hot-water mines

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UK

Power industry welcomes creation of super-ministry

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End use of fossil fuels in 20 years, UK warned

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Ministers close to approving 75,000 more Stansted flights

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Upcoming Event

Living up to oil depletion - conference

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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.