ODAC Newsletter - 30 January 2009


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.

With Shell and Conoco posting Q4 losses this week, the impact of the global slump on the energy industry is becoming apparent. Both the international and national oil companies are feeling the strain as revenues fall and credit dries up. Those international oil majors which are able to use the huge profits of recent years to strengthen their position may find access to reserves opening up as more national companies look to attract investment options. There is however broad agreement that many new projects need an oil price of around $70 to make sense, a price which would likely further depress the weak global economy.

Low oil prices are also having a dampening effect on the renewables sector. In the UK, a much vaunted green energy future has still failed to materialize. This week’s announcement of the shortlist of schemes for the Severn Estuary was to some extent overshadowed by news that London’s Array project is on an economic knife-edge. While the viability of large renewables projects are compared to nuclear and coal schemes without building in the environmental costs, the economics will remain skewed.  It appears that Ed Miliband recognizes that the market alone cannot create the radical change that is required to build the energy system of the future. It remains to be seen whether the government has the nerve to impose the necessary carbon cost to tilt the balance in the midst of what is now officially the worst downturn since WWII. 

A surprising lead in energy demand reduction was taken this week by the NHS. In a refreshing and bold approach to the challenge of creating a low carbon NHS, the Head of the NHS Sustainability Unit Dr David Pencheon stated that "This is not just about doing things more efficiently, it's about doing things differently, because efficiency is not going to get us to big cuts" – are you listening Ed?

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 below $42 on global economic woes

Back to top

National groups bear brunt of change

Back to top

Shell profits hits record $31bn despite fall in oil price

Back to top

Oil falls push ConocoPhillips $32bn into red

Back to top

Oil services firm cuts 5,000 jobs

Back to top

Energy chiefs say oil price must rise to ensure supply

Back to top

Gaddafi threat to nationalise energy assets

Back to top

OPEC Achieves Cuts in Output, Halting Price Slide

Back to top

Gas

EU pipeline scheme gains momentum

Back to top

Coal

EU spending spree brings carbon capture closer to reality

Back to top

Renewables

Barrage plan makes Severn estuary energy shortlist

Back to top

Scepticism grows over the viability of green projects

Back to top

Flush hour: Oslo to run buses powered by biomethane from human sewage

Back to top

Extra 7,000 offshore wind turbines could power most British homes

Back to top

UK looks on from sidelines at green energy summit

Back to top

Obama Green-Energy Dream May Lag Development Pace of Bush Years

Back to top

UK

Miliband faces energy dilemma

Back to top

Gas chief warns of energy crunch

Back to top

Hospitals will take meat off menus in bid to cut carbon

Back to top

Airlines suffer mass slump in passengers and cargo

Back to top

Bank of England to use £50bn of taxpayers' money to ease credit crunch

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.