ODAC Newsletter - 8 April 2011


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.

The oil price hit a two and half year high this week of $123/barrel as the Libyan conflict continues to dominate market sentiment. This pushed the sterling value of crude to an all time high, exceeding even its level in the summer of 2008 when the dollar price reached $147/barrel, because the pound has slumped 17% against the greenback since then. Prices had fluctuated mid week as Portugal became the latest Euro nation to request a bail out raising again the spectre of a Euro crisis.

The damaged Fukishima reactors in Japan reportedly avoided further calamity as a result of a magnitude 7.1 earthquake which hit North East Japan on Thursday. Meanwhile work to stabilise the reactors continues.

In the UK nuclear safety regulators delayed their decision on new reactor designs by Areva and Westinghouse by 3 months to await the outcome of the safety review ordered recently by Energy Secretary Chris Huhne. The debate over the safety of nuclear power continued to rise in pitch this week - ODAC trustee David Strahan provides his view on the difficult choices to be made around power generation.

In the UK this week there were concerns that the rising oil price will damage the fragile economy with costs for industry, construction, and of course transport rising. The government is also under pressure to rethink its new tax on the oil industry as companies warn that it will result in a reduction in North Sea investment – especially in gas.

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Disclaimers

Oil

Libyan unrest sends oil prices soaring to $123 a barrel

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Inflation fears limit Beijing fuel hike

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Oil could hit $200-$300 on Saudi unrest, former minister says

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Reports of BP resuming Gulf drilling a 'misconcepton'

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BP unites Christians in opposition to high exec pay and poor safety

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Total Says U.K. Open to Easing Effects of Oil Tax

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Oil-Sands Standards to Tighten

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Coal

Coal price reaches new heights as demand from Asia soars

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World Bank to limit funding for coal-fired power stations

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Nuclear

The real cost of not going nuclear

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Japan quake: Nitrogen pumped into nuclear reactor

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'Fukushima Has Made Me Start to Doubt'

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Fukushima disaster delays UK nuclear approval

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Renewables

Wind farm efficiency queried by John Muir Trust study

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Investment in US clean technology highest since 2008

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G.E. Plans to Build Largest Solar Panel Plant in U.S.

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Biofuels

Biofuels Industry Battles Past Bumps in the Road

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Rush to Use Crops as Fuel Raises Food Prices and Hunger Fears

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In Spain, scientists look for fuel of the future in algae

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UK

Soaring oil prices 'could put the brakes on UK's manufacturing boom'

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Oil price rises will hit road repairs

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Turbine?maker warns on wind subsidies

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Petrol sales plummet as prices climb

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Climate

Senate rejects measure to stop EPA on climate

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Economy

Spain rules out becoming bailout victim after Portugal succumbs

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Geopolitics

Libyan rebels near Ajdabiya 'killed in Nato air strike

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Gaddafi forces attack eastern oilfields

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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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