ODAC Newsletter - 16 October 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.

Oil prices rose this week breaking the $75/barrel mark for the first time this year. The gains were mainly fuelled by rising equity prices and a falling dollar. The mood of economic optimism was shared to a degree by OPEC with the organization increasing their 2010 demand forecast by 300,000 barrels/day. Most of that growth is predicted to be from the developing economies.

A new research report from IHS Cambridge Energy Research Associates (CERA) claims, not only that most new oil demand will come from emerging markets, but that OECD oil demand peaked in 2005 and is in decline. The press release goes on to say that the actual decline in demand will be modest, with petroleum destined to remain the major transport fuel for the next 25 years - a statement which utterly ignores the implications of peak oil.

Some of those who are concerned about this disconnect are looking for a possible lifeboat in the form of shale gas. In an article in this week’s Daily Telegraph, Ambrose Evans-Pritchard reports on the excitement emanating from the gas industry. In Guest Commentary this week ODAC trustee and author of High Noon for Natural Gas, Julian Darley, brings his perspective to this phenomenon.

The UK saw 2 high profile energy reports released in the last week, one from OFGEM and the other from the Committee for Climate Change, both of which highlight shortcomings in the government’s energy policy. Just as it looks increasingly likely that the Conservatives will be returned to power, it is becoming clear that the market driven energy policies which they set in motion, and were then adopted by New Labour, have created a legacy of declining infrastructure and a system, which despite much talk about ‘green’ investment, is still structurally tied to fossil fuels. To quote Jeremy Warner in the Telegraph this week, it seems that “Leaving it to markets to sort out may have been a mistake. Leaving it to ministers was a much bigger one.”

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Disclaimers

Oil

Oil Set for Biggest Weekly Gain in 2 Months as Stockpiles Fall

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OPEC sees stronger 2010 world oil demand

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Oil Demand Has Peaked in Developed Nations, Never to Return - Report

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Russia 2010 oil output to fall -Bernstein analysts

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Lower taxes lure big oil to Iraq oilfield deals

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Kurdistan Halts Oil Exports

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Gas

Energy crisis is postponed as new gas rescues the world

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Sellers on the spot ahead of gas war

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Putin Travels to China to Expand $100-Billion Energy Relations

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Russia not against being paid for gas in roubles

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Coal

World needs big drive for carbon capture-IEA

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Catch Me If You Can: Does the IEA’s Carbon Capture Plan Make Any Sense?

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Clean coal dealt second blow as Danish energy giant pulls out of Scottish plans

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Electricity

Buyer lines up for BG’s power arm

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UK

Britain's 'energy gap' is down to ministers, not market failure

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Power cuts forecast to hit UK in four years

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Cars must be electric, says climate tsar

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Alternating current

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How to make the last oil pay

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Climate

Saudis Seek Payments for Any Drop in Oil Revenues

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Economy

Investor alarm as Finance Minister blasts corporate Japan's ethics

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Decline in Chinese trade slowing

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US retail in sharpest 2009 fall

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Dow Jones breaks through 10,000

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Jobless, oil dependency challenge Russia-Medvedev

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Disclaimers

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