Building a world of
resilient communities.

MAIN LIST

 

ODAC Newsletter - Oct 24

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.

Even before OPEC meet for their emergency session today, their ability to set the oil price is being called into question. OPEC exports were down 900,000 barrels in September and everyone is expecting further cuts to be agreed at the Vienna meeting. Despite this the oil price continues to fall along with the markets, as investors respond to the stream of bad economic news including slowing growth in China and the likelihood of a deep recession in the US.

As oil revenues drop and credit remains tight there are signs that an increasing number of projects are becoming uneconomic or difficult to finance. Even Gazprom, which this week announced record profits, warned that it was facing credit constraints. A facet of peak oil is the economic viability of production. Thus lower prices and decreased investment now could exacerbate supply constraints in the future, thus feeding a cycle of economic turmoil. Some commentators see the current economic downturn as evidence that peak oil has already occurred.

While OPEC aim to flex their muscle on oil prices, Russia, Iran and Qatar announced this week that they are to create a ‘Troika’ on natural gas with increased collaboration between the 3 nations. The prospect of a pricing cartel is of concern to Europe with its increasing reliance on Russian gas.

In the UK this week both Gordon Brown and Mervyn King stated the obvious in admitting that recession was likely. In response the value of sterling fell to its lowest rate against the dollar for 5 years. A weaker pound holds the prospect of growing exposure to an increasingly competitive food and energy market. As Alastair Darling makes his plans to reprioritise public spending to stimulate the economy, it is to be hoped that he is taking note of the green New Deal ideas from the UN and NEF.

If we can afford £500 billion to bail out the bankers, surely we can afford it to bail out of oil?

Oil
Falling oil poses threat to supplies
OPEC Ponders Choices as Oil Prices Plummet
Oil dives and Asia tumbles on recession fears
Russia eyes swing producer role to influence prices
Africa's Potential to Sate World's Oil Demand Dims
China plans 150,000 km of oil and gas pipelines
Oil groups fear Nigeria reforms

Gas
Gas cartel could have a significant impact on Europe

Renewables
Wind farms: Britain has enough offshore to provide power to 300,000
Queen of green: Crown Estate's offer fans interest in wind farming
Shell pulls out of its last UK wind farm project
UK announces world's largest algal biofuel project

Climate
European states plead poverty as credit crisis threatens 'son of Kyoto' agreement

Economy
UN announces green 'New Deal' plan to rescue world economies
US faces worst recession in 26 years
China blames slowing economic growth on world turmoil
Economic troubles hit air traffic
Bewildered by peak oil economics

UK
Pensioners cutting back on heating risk death, warns expert
Miliband's blueprint for greener homes
Darling to ‘reprioritise’ spending

Editorial Notes: Text & commentary at original

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


Landscapes Transform With the Arrival of the Colorado River

The Colorado River returns to the delta - in photos.

Momentum on Fossil Fuel Divestment Grows as Harvard Professors, Desmond Tutu Call for Action

"People of conscience need to break their ties with corporations …

Years of Recapping Dangerously

Just like on Game of Thrones, where winter is a destabilizing force on all …

Use Your Climate Credit to Ask for More

In the next month, millions of Californians will receive their first …

The Buzz Tour: walking across England to pollinate change on climate

“What can I do about climate change?” “Very little. What …

Living Dangerously

It's happening again, a TV presentation intended to wake people up to the …

Climate Change 2014: Mitigation of Climate Change - headlines

What's in the latest IPCC report?