ODAC Newsletter - 2 July 2010


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.

Hurricane Alex, the first hurricane of the season, hampered the Macondo oil well disaster clean-up efforts in the Gulf of Mexico on Wednesday and resulted in the precautionary closure of 25% of crude oil production in the area. Reports indicate however that it didn't cause any delay to the drilling of relief wells on which so much hope rests.

With investigations into the causes of the disaster continuing, the potential financial impact on the oil industry and on BP were looking increasingly grave this week as the Senate Environment and Public Works Committee voted to eliminate the liability cap of $75 million which is currently in place. Should the bill become law it could be retroactively applied to BP, and leave oil companies operating in US waters facing unlimited liability. In another move this week the US Justice Department wrote to the 5 companies associated with the spill demanding that the US government be given notice of any asset depletion which could jeopardise future payments in the event of judgements being made against them. President Obama clearly intends to make good on his promise that the American people will not pay to clean up the damage, he will however undoubtedly face considerable opposition from both political and industry groups.

The announcement of a new oil field discovery in the North Sea this week was greeted by The Times with the eye-catching headline — North Sea oil strike holds out the prospect of Seventies-style riches. While the Catcher field is anticipated to be the largest find in a decade, it is, at approx 300 million barrels in place (150 million recoverable), not remotely close in size to the real revenue generators of the seventies like Forties (approx 5 billion barrels) and Brent. The find, while significant for the region, is still unlikely to forestall the growing energy deficit of the UK.

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

First Hurricane of Season Closes Offshore Rigs, Port

Back to top

Senate panel votes to end oil spill liability cap

Back to top

BP, Transocean Asked to Notify U.S. Before Depleting Assets

Back to top

BP in move to raise more funds

Back to top

BP to consider relief wells at new sites

Back to top

BP 'staked future on expanding offshore drilling'

Back to top

The Peak Oil Crisis: The Real Gulf Crisis

Back to top

Crude Oil Tumbles as Economic Reports Spur Concern Over U.S., China Growth

Back to top

Nigerians angry at oil pollution double standards

Back to top

'Norway crude will see rapid decline'

Back to top

UK backing loans for 'risky' offshore oil drilling in Brazil

Back to top

North Sea oil strike holds out the prospect of Seventies-style riches

Back to top

Biofuels

U.S. Allocates Up to $24 Million for Algae Biofuels Projects

Back to top

UK

New UK Energy Minister and the Continuing Decline in Energy Production

Back to top

Planning body's closure angers industry

Back to top

Britain needs £1 trillion to turn the country's infrastructure green

Back to top

Spending cuts pose threat to green future

Back to top

Climate

No consensus as Obama, senators discuss energy bill

Back to top

Economy

Scrap dollar as sole reserve currency: U.N. report

Back to top

G20 summit agrees on deficit cuts by 2013

Back to top

China targets miners of rare-earth metals

Back to top

Transport

Carmakers on the attack over electric subsidy

Back to top

Air passenger traffic bounces back

Back to top

Solar Impulse plane postpones record night flight bid

Back to top

Blimps could replace aircraft in freight transport, say scientists

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.