ODAC Newsletter - 10 December 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.

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Oil reached a two year high above $90/barrel this week before falling back on mixed economic news. A growing list of analysts including JP Morgan, Goldman Sachs and Barclays Capital are now forecasting prices above $100/barrel in 2011. Despite the upward pressure on prices OPEC is not expected to announce any changes to its production quotas at its meeting today. Instead compliance is likely to remain low as countries cash in on the higher prices.

Among a rash of revelations, Wikileaks delivered a number of cloak-and-dagger energy-related stories. We heard how Libya had threatened ‘enormous repercussions’ against Britain if Lockerbie bomber Ali al-Megrahi was not released; how Shell had apparently infiltrated Nigerian government departments; and how Hugo Chavez toned down his usual hostility and courted private oil companies to rescue Venezuela’s oil industry and economy. So far there have been no revelations about governments’ private views on peak oil.

The British government clarified its plans to fund new nuclear clean up and decommissioning this week. Nuclear operators will be responsible for paying for decommissioning up to a cap of £1bn, just over 3 times the current cost of disposal. The cap is intended to convince the industry to invest, but opponents fear the cap is too low and taxpayers will still be on the hook.

This week also saw the introduction into parliament of the government’s Energy Bill. The Bill includes the Green Deal, a long awaited measure for homeowners and businesses to borrow money to make energy saving upgrades to their property, and pay back the amount over time via their energy bills. The Bill as yet makes no concrete demands of the rented sector, and other measures will be required for those on low incomes, but it is a positive step to have a major scheme aimed at energy conservation.

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Disclaimers

Oil

Oil Rises for a Second Day After China’s Crude Imports Climb

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JPMorgan Says Crude Oil Price Will Reach $120 a Barrel Before End of 2012

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OPEC May Have to Act if Oil Gets to $100, Secretary General Says in Quito

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OPEC has been down this road once before

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WikiLeaks cables: Lockerbie bomber freed after Gaddafi's 'thuggish' threats

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WikiLeaks cables: Shell's grip on Nigerian state revealed

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WikiLeaks cables: Oil giants squeeze Chávez as Venezuela struggles

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China May Postpone Fuel Price Increases on Inflation, CICC Says

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A Shetland oil spill could reach Norfolk and Greenland, Chevron admits

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Desire Petroleum says no Falklands oil discovery

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Gas

US independents to buy into shale oil boom

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US gas export plan sparks price fears

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Dick Cheney and others face charges in Nigeria

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Repsol Makes Argentina's Largest Gas Find in 35 Years in Neuquen Province

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EU Wants To Clamp Down On Abuses In Energy Trading

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Coal

EU Commission caves in to Germany on coal subsidy deadline

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Mining and Minerals

Japan's Toyota Tsusho in India rare earths plan

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Hitachi Develops Machinery to Recycle Rare Earths for Use in Electronics

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UK

UK lays out new nuclear clean up proposals

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Deal to tackle poorly insulated homes is unveiled

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UK gas U-turn angers energy users

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Speeding up support decision for UK renewable energy

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Climate

U.S. Court To Hear Utilities' Emissions Suit Appeal

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Shipping to steer cleaner carbon course

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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.

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