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ODAC Newsletter - Jun 5

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 AA warned this week that rising petrol prices are endangering Britain’s economic recovery. Here is a story which the headline writers might as well get used to. It is what peak oil commentators have warned of for years and, in recent months has become the message of the IEA. A strong economic recovery will trigger an increase in demand for oil which suppliers are unlikely to be able to satisfy. It is worrying that fuel prices have started to rise despite the fact the recovery has barely begun and oil demand is still below 2008 levels.

There was a boost for alternative energy sources this week as the UN reported that 2008 investment in green energy – renewables, biofuels, energy efficiency - overtook that in fossil-fueled power generation for the first time. While welcoming the news, the organization joined the IEA in calling on governments to make greater use of stimulus packages to increase green spending which has slumped this year due to the economic crisis.

That message will become increasingly urgent as the Copenhagen climate change convention approaches. Interestingly the Obama administration is pursuing a bilateral deal with China ahead of the meeting. Agreement between the world's two biggest GHG emitters will surely be crucial to a meaningful deal in November. The difficulty will, of course, be in the nitty gritty - as evidenced this week by Stephen Chu's discomfort in face environmentalists’ demands for a moratorium on Canada’s carbon intensive oil sands. He is apparently finding out the hard way the enormous pressure on politicians to keep the oil flowing.

Oil
Commodities and oil soar as dollar pounded
Pricey oil and the world economy:Hope and anxiety
OPEC’s Oil Output Rose 1.5% in May, Survey Indicates
The latest peak oil projection: a stunning difference
CERA sees potential oil rebound
Technology seen key to oil sands: Chu
Iraqi Kurds hail oil exports, Baghdad keeps distance
Australia struggling to meet liquids production targets: report
Hurricane season finds energy groups unready
Brazil and China boost oil investment

Gas
Putin warns of new European gas crisis
Gazprom escalates Turkmen gas price dispute
Pipelineistan goes Iran-Pak

Renewables
Green energy overtakes fossil fuel investment, says UN

UK
Oil speculators threaten British recovery, AA's experts warn
Iraq agrees to let Britain help protect oil platforms
Geothermal power plant to supply electricity

Climate
Leaders called to special climate talks
Barack Obama seeks US-Chinese deal on global warming
Rebound effect will raise fossil fuel use

Economy
Europe's consumer spending, exports fall most in 14 years
Global unemployment: green shoots and pink slips
US car sales boost mirrors global rise

Editorial Notes: Text & commentary at original.

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