ODAC Newsletter - 14 November 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.

Wednesday saw the long awaited release of the International Energy Agency’s 2008 World Energy Review – although the executive summary had already been leaked and widely covered.

The report marks a significant shift for the Agency: its oil production forecast for 2030 has been slashed by 10 million barrels per day, and its price forecast for that year doubled to $120 in real terms.  The IEA continues to deny the imminence of peak oil, but warns of a “supply crunch” by 2015 if upstream investment does not increase. This seems very likely since projects are now being shelved almost daily, with WTI now in the mid $50s. For further insight see the excellent Guest Commentary from new ODAC trustee Richard Miller.

The IEA report also warns strongly of the unsustainability of current  global energy consumption trends, declaring that business as usual would take the world to a 6 degree Celsius rise in temperature – which would almost certainly mean the extinction of our species.

So as news on the global economy goes from bleak to bleaker, world leaders face the challenge of making an urgent energy transition. The separation of economy and ecology is not an option. Addressing the energy crisis will need to be front and centre in all future planning.

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

IEA warns of new oil supply crunch

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IEA report on oil gets angry Opec reaction

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IEA slashes world oil demand growth forecasts

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Oil price rebounds on supply cut threat

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U.S. Cuts Oil Price Forecast 43% on Demand Outlook

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Putin says Russia should act to influence oil prices

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Producers in turmoil as Russian oil hits $10 a barrel

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Ex-official says Mexico may have to halt oil exports

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Oil-Sands Spending to Fall 20% on Shell, Suncor, Encana Delays

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Petrobras Goes From First to Worst Among 10 Biggest Oil Stocks

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Gas

Putin says Russia may scrap Nord Stream pipeline

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Power supergrid plan to protect Europe from Russian threat to choke off energy

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Renewables

Bigger Oil: Should Wind Power Be Next on Big Oil’s Investment Agenda?

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Setback for Government's green agenda as BP quits key projects

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Climate

Temperature set to rise by 6C, energy agency warns

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China tells rich states to change

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Economy

Recession Hits Germany

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China to `Take Advantage of Good Timing' to Change Fuel Pricing

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Indian truckmakers cut output

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Disclaimers

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